Gold June futures rise 0.48% to Rs 26,470 per 10 grams on global cues

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Gold June futures rise 0.48% to Rs 26,470 per 10 grams on global cues

Gold futures prices held on to gains on Tuesday as speculators created fresh positions amid positive cues from overseas markets, after consumer price inflation in the U.S. rose in line with expectations in February.

At the Multi Commodity Exchange, gold for delivery in far-month June rose by 0.48 per cent to Rs 26,470 per 10 grams, while delivery in April was up by Rs 108, or 0.41 per cent, to Rs 26,306 per ten grams.

In the national capital, gold of 99.9 and 99.5 per cent purity soared by Rs 100 each to Rs 26,550 and Rs 26,400 per 10 grams, respectively. Bullion Dealers said increased buying by jewelers to meet the rising demand amid a firm global trend mainly boosted sentiment here.

Globally, on New York,  gold futures for April delivery tacked on $4.20, or 0.35%, to trade at $1,191.90 a troy ounce. Meanwhile, silver futures for May delivery advanced 8.7 cents, or 0.52%, to trade at $16.97 a troy ounce.

The Labor Department said US consumer prices rose 0.2% last month, meeting expectations and after a drop of 0.7% in January. Year after year, consumer prices remained stable in February, compared with expectations of decline 0.1% after falling 0.1% in January.

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