Gold futures up on global cues, spot demand

Gold prices rose 0.21 percent to Rs 38,925 per 10 grams in the futures trade on Friday as speculators widened their bets, tracking a firm trend overseas. On the Multi Commodity Exchange, gold for delivery for October contracts traded higher by Rs 122, or 0.21 percent, to Rs 38,925 per 10 gram in a business turnover of 2,987 lots.

The yellow metal contracts for the December delivery also traded higher by Rs 111, or 0.28 percent, to Rs 39,438 per 10 gram in a business turnover of 251. Analysts said the rise in gold prices was mostly on the back of fresh positions built up by the participants taking positive cues from global markets.

Globally, gold rose 0.25 percent at USD 1,540.70 an ounce in New York.