Business

Gold futures rise by 1.1% on global cues

Gold prices rose by Rs 305 to Rs 26,902 per 10 grams in futures trade as speculators created fresh positions taking positive cues from the global market.

At Multi Commodity Exchange, gold for delivery in June was trading Rs 305, or 1.15% higher, at Rs 26,902 per 10 gram in business turnover of 583 lots.

The metal for delivery in far-month August also moved up by Rs 297, or 1.11%, to Rs 27,042 per 10 gram in a turnover of three lots.

Analysts said fresh positions created by participants following a better trend in global market after data showing the weakest pace of US hiring in more than a year clouded the outlook for interest-rate increases, influenced gold prices at futures trade here.

Meanwhile, gold rose as much as 1% to $ 1,218.92 an ounce in Singapore, the highest price sicne March 26.