Gold futures up on global cues

Gold prices on Thursday rose Rs 189 to Rs 38,277 per 10 gram in futures trade as speculators widened their bets on spot demand, tracking a firm trend overseas. On the Multi Commodity Exchange, gold contracts for December delivery traded higher by Rs 189, or 0.5 per cent, at Rs 38,277 per 10 gram in a business turnover of 16,631 lots.

Gold for delivery in February next year also edged up by Rs 189, or 0.49 per cent, at Rs 38,474 per 10 gram in 4,946 lots. Analysts said the rise in gold prices was mostly on the back of fresh positions built by participants on strong overseas trend.

Globally, gold price was quoting 0.61 per cent up at USD 1,505.80 an ounce in New York.