Gold futures rise 0.62% on global cues

Gold prices rose by 0.62 per cent to Rs 28,318 per ten grams in futures trade today as speculators indulged in creating fresh positions, supported by a firming global trend.

At the Multi Commodity Exchange, gold for delivery in April rose by Rs 174, or 0.62 per cent, to Rs 28,318 per ten grams in business turnover of 76 lots.

Similarly, the yellow metal for delivery in February gained Rs 121, or 0.42 per cent, to Rs 28,799 per ten grams in 2,544 lots.

Analysts said fresh positions created by speculators in tandem with a firm global trend on speculation the US Federal Reserve may decide in its meeting today to refrain from reduction in monetary stimulus, mainly boosted the sentiment.

Meanwhile, gold gained 0.4 per cent to $1,235.68 an ounce in Singapore.