Gold futures climb Rs 63 on global cues

New Delhi: Gold prices spurted by Rs 63 to Rs 28,963 per 10 gram in futures trade as speculators raised their bets after the precious metal climbed to one-month high in global markets.

In futures trade at the Multi Commodity Exchange, gold for delivery in June rose by Rs 63, or 0.22 per cent, to Rs 28,963 per 10 gram in a business turnover of 338 lots. Also, the precious metal for delivery in August was trading higher by Rs 34, or 0.12 per cent, to Rs 29,100 per 10 gram in 123 lots.

Analysts said rally in gold prices in the global market, where it surged to one-month high influenced gold futures here. Besides, pick up in buying by local jewellers and covering-up short positions by speculators also supported the upside, they said.

Globally, the metal's rates rose 0.09 per cent to USD 1,267.80 an ounce in Singapore.