Gold futures up by Rs 174 on firm global cues

Marketmen said a firming trend in the global markets where gold advanced the most in three months as prospects dimmed for a US interest rate increase in September, boosting the metal’s allure, influenced gold futures here.

On the global front, spot gold was hit higher by United States dollars 1,141.75 an ounce (highest since July 17) in early European trade, and spot silver also shot-up at USD 15.34.an ounce.

Besides, diversion of funds from weakening equities to rising bullion supported the upside in prices, they said.

Silver prices rose by Rs 371 to reach Rs 36,681 per kg in futures trading today as speculators created fresh positions amid firm trend in precious metals overseas.

Gold prices spurted by Rs 365 to over six-week high of Rs 26,700 per 10 gram in the national capital in yesterday’s trade.

The Sovereign gained Rs 100 at Rs 22,500 per piece of eight grams.

On the other hand, silver ready remained under selling pressure and lost another Rs650 at Rs35,300 per kg and weekly-based delivery by Rs825 at Rs 34,920 per kg.

Meanwhile, silver cash have been unaltered at Rs 50,000 for shopping for and Rs fifty one, 000 for promoting of one hundred items.