Gold rises Rs 50 in futures trade on global cues

Gold prices rose by Rs 50 to Rs 26,688 per 10 gram in futures trade after speculators widened positions amid a better trend overseas. Gold for delivery in current month was trading higher by Rs 50, or 0.19 percent to Rs 26,88 per 10 gram in a turnover of 78 lots at the Multi Commodity Exchange. The metal for delivery in far-month April contracts also rose by a similar margin to trade at Rs 26,795 per 10 gm in a turnover of 169 lots.

Analysts said the rise in gold prices at futures trade was mostly in tune with a firming trend overseas after data showed a further contraction in China's manufacturing, adding to the case for safe-haven assets as investors boost holdings. Meanwhile, gold rose as much as 0.4 percent to USD 1,122.40 an ounce in Singapore.