Gold futures rose 1.14% to Rs 27,903 per 10 grams

Gold futures rose 1.14% to Rs 27,903 per 10 grams today as speculators created fresh positions, buoyed by a firm trend overseas amid a weak dollar.

At the Multi Commodity Exchange, the February contract rose by Rs 334, or 1.14%, to Rs 27,903 per 10 grams, with a business turnover of 6,006 lots.

The metal for delivery in April also rose by Rs 304, or 1.09% to Rs 28,2580 per 10 grams, with a trading volume of 1,156 lots.

Marketmen said gold soared to 7-week high in the global markets after the Federal Reserve’s said it would keep US borrowing costs low.

Besides, the dollar fell against major currencies, boosting demand for the precious metals.

Gold rose $9.70 to $1,720.50 an ounce in New York yesterday’s trade. – PTI

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Posted by admin on Jan 27 2012. Filed under Gold price. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry