Gold up 0.54% on global cues

Gold rose by 0.54 per cent to Rs 30,220 per 10 gram in futures trade today as participants engaged in enlarging their positions mostly supported by a firming trend overseas.

Besides, covering up of short positions by speculators also supported the upside.

At the Multi Commodity Exchange, metal for delivery in December contract gained Rs 163, or 0.54 per cent, to trade higher at Rs 30,220 per 10 gm in a turnover of 1,110 lots.

Similarly, the metal for delivery in far-month February next year contracts moved up by Rs 157, or 0.53 per cent, to Rs 29,760 per 10 gm, clocking a business volume of 43 lots.

Analysts said recovery in gold futures was mostly in line with a firming trend overseas after US Federal Reserve Chairman nominee Janet Yellen backed stimulus until the economy and labour market improves, reducing concern the central bank's bond-buying programme will soon be scaled back.

Globally, gold gained 0.4 per cent to $1,287.01 an ounce in Singapore today.