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Gold futures up 0.33% on global cues, spot demand

Press Trust of India/New Delhi 23 Feb 12 | 11:19 AM

Gold futures rose by 0.33% to Rs 28,741 per 10 grams today, as speculators engaged in enlarging their positions, driven by a firming trend overseas.

Also, pick up in demand at domestic market for the ongoing marriage season, also supported the upside in prices.

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At the Multi Commodity Exchange, the April contract for gold rose by Rs 95, or 0.33%, to Rs 28,741 per 10 grams, with a business turnover of 960 lots.

The metal for delivery in June also rose by Rs 88, or 0.30% to Rs 29,084 per 10 grams in a turnover of 29 lots.

Market analysts attributed the rise in gold futures to a firming trend overseas on speculation speculation that the US will extend a stimulus to bolster the economy.

In addition, rising spot demand on account of marriage season also influenced precious metal prices, they said.

Meanwhile, gold rose by $15.50 to $1,775.80 an ounce after reaching $1,783 in New York in yesterday's trade.

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