Gold rises Rs 112 on positive global cues

NEW DELHI, Aug 20: Gold prices rose by Rs 112 to Rs 29,461 per 10 gram in futures trade today after speculators raised their bets amid a firm global trend.
At the Multi Commodity Exchange, gold for delivery in October was trading higher by Rs 112, or 0.38 per cent, to Rs 29,461 per 10 gram, in a business turnover of 66 lots.
The yellow metal for delivery in far-month December, too, advanced by Rs 87, or 0.29 per cent, to Rs 29,665 per 10 gram in just one lot.
Analysts attributed the rise in gold prices in futures trade here to a firming trend overseas as hopes of easing trade tensions between the US and China exerted pressure on the dollar, adding to demand for the yellow metal that improved last week after prices touched 19-month lows.
Meanwhile, gold was trading 0.05 per cent higher at USD 1,185.20 an ounce in Singapore. (PTI)