Gold rises by 0.3% on global cues

Gold futures rose 0.26% to Rs 26,232 per 10 grams today as participants engaged in enlarging positions on a firming trend overseas.

At the Multi Commodity Exchange, the metal for delivery in far-month June gained Rs 67, or 0.26%, to trade at Rs 26,232 per 10 grams in a turnover of 19 lots.

Similarly, the metal for delivery in April moved up by Rs 53, or 0.20%, to Rs 26,065 per 10 grams, clocking a business volume of 488 lots.

Analysts said the rise in global markets from a 3-month low was due to some investors reversing bets on further losses amid speculation prices below $1,200.

This may spur purchases in China, supported the upside in gold prices at futures trade here, they added.

Globally, gold climbed 0.4% to $1,171.98 an ounce in Singapore today.

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