Gold futures surge on global cues

Gold prices rose Rs 78 to Rs 27,775 per 10 grams in futures trade today as speculators enlarged positions taking positive cues from overseas markets.

Besides, increased demand at domestic spot markets for the wedding season, too, supported the upside.

In futures trading at Multi Commodity Exchange, gold for delivery in far-month August moved up by Rs 78, or 0.28%, to Rs 27,775 per 10 grams, with a business turnover of 25 lots.

On similar lines, the metal for delivery in June contracts was up by Rs 62, or 0.23%, to Rs 27,525 per 10 grams, with a trade volume of 253 lots.

Marketmen said speculators widened their positions, tracking a firming trend overseas, which soared to almost a 3-month high after weak US data sent the dollar to a 4-month low, boosting appeal for precious metals as a safe haven. This mainly influenced gold futures trade.

Globally, gold in Singapore traded at $1,222.87 an ounce in Singapore.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel