Gold futures nudges higher on strong global cues

Gold future price rise by Rs 18 to Rs 31,474 per 10 grams in early futures trade session on Monday as speculators raised bets, tracking a firming trend overseas. Gold future price for delivery in February, rose by Rs 18 or 0.06 percent to Rs 31,474 per 10 grams, in a business turnover of 1,155 lots.

Similarly, the metal for delivery in far-month April was trading at Rs 6, or 0.02 percent, higher at Rs 31,650 per 10 grams in 38 lots.

Analysts said, speculators widened bets tracking a firm global trend, helped by a weaker dollar on expectations that the US Federal Reserve might apply brakes on its monetary tightening cycle in 2019, influencing gold prices at futures trade here.

Globally, gold inched up 0.33 percent to the US dollar 1,289.50 per ounce in New York.

Globally gold furtures have been in the bullish zone on weaker dollar due to the sluggish US indicators, especially the worries related to the rise in its fiscal deficit expected in coming years. 

The dollar index was below 0.1 percent in the Forex market and rupee had gained over 30 paise in early session of the Monday Forex trade. 

Some, speculators are bullish about gold prices in short-term perspective due to the upbeat mppd of the market on the US-China trade talks this week. 

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Gold future price rose by Rs 18 to Rs 31,474 per 10 grams in early futures trade session on Monday as speculators raised bets, tracking a firming trend overseas. 

Gold future price for delivery in February, rose by Rs 18 or 0.06 percent to Rs 31,474 per 10 grams, in a business turnover of 1,155 lots. 

Similarly, the metal for delivery in far-month April was trading at Rs 6, or 0.02 percent, higher at Rs 31,650 per 10 grams in 38 lots.