Gold futures rise 0.47% on global cues

New Delhi: Tracking a firm trend overseas, gold traded higher by 0.47 per cent to Rs 31,365 per 10 grams in futures market today as traders enlarged positions.

At the Multi Commodity Exchange, gold for delivery in August month rose by Rs 146, or 0.47 per cent to Rs 31,365 per ten grams in business turnover of 752 lots.

Similarly, the yellow metal for delivery in far-month December contracts traded higher by Rs 127, or 0.40 per cent to Rs 31,638 per ten grams in 75 lots.

Analysts attributed the rise in gold futures prices to a firming trend overseas where gold advanced for a second straight day amid speculation that the US central bank will be slow to raise interest rates, with investors counting down to the release of the Federal Reserve’s minutes of its July meeting as the dollar declined.

Meanwhile, gold rose 0.6 per cent to USD 1,347.16 an ounce in Singapore.