Gold gains Rs 80 in futures trade on positive global cues

Gold futures rose by Rs 80, or 0.25 per cent, to Rs 31,639 per 10 grams Thursday as traders raised bets driven by firm global advices.

The February contract of the metal gained Rs 80, or 0.25 per cent, to Rs 31,639 per 10 grams in a business turnover of 13,225 lots at the Multi Commodity Exchange.

The metal for delivery in April traded up by Rs 84, or 0.26 per cent, to Rs 31,802 per 10 grams in 3,205 lots.

Analysts attributed the increase in price of the precious metal to widening of positions by participants in line with a firm trend overseas.

Globally, gold traded up by 0.42 per cent at USD 1,272.60 an ounce in New York as investors looked for safe-haven investment amid volatile equity markets.

Profit booking in global stock markets aided safe-haven bet gold, an analyst commented.

Gold prices in spot markets here dropped by Rs 50 to Rs 32,450 per 10 grams due to weak demand from jewellers. PTI SHW RUJ

MR