Gold prices rise marginally in futures trade on global cues

Gold prices climbed up by 0.22 per cent to Rs 27,014 per ten gram in futures trade on Thursday as speculators enlarged positions, taking positive cues from global markets.

Analysts said fresh positions created by participants following a better trend in overseas markets aided the yellow metal prices in the domestic bullion market.

Gold futures in the national capital were also influenced by prices falling to a two-week low, spurring buying as investors assessed a decision by policy makers in the United States to drop a pledge to keep borrowing costs low for a considerable time.

At the Multi Commodity Exchange (MCX), the precious metal for delivery in February rose by Rs 69 (or 0.22 per cent) to Rs 27,014 per 10 grams in a business turnover of 1,756 lots.

Gold for delivery in far-month April 2015 contracts moved up by Rs 41 (or 0.15 per cent), to Rs 27,225 per ten grams in 15 lots.

Meanwhile, gold prices in Singapore, which normally sets the price trend on the domestic front, gained 0.4 per cent to US $1,194.48 an ounce.