Gold futures rise Rs 228 to Rs 40,580 per 10 gm

Gold prices on January 27 rose by Rs 228 to Rs 40,580 per 10 gram in futures trade as speculators widened their bets in line with positive overseas trend.

On the Multi Commodity Exchange, gold contracts for February traded higher by Rs 228, or 0.57 percent, to Rs 40,580 per 10 gram in a business turnover of 1,673 lots.

The yellow metal for April delivery traded higher by Rs 241, or 0.6 percent, at Rs 40,715 per 10 gram in a business turnover of 515 lots.

Fresh positions built up by participants taking positive cues from global markets mostly led to the rise in gold prices, analysts said.

Globally, gold prices rose 0.53 percent to $1,586.50 per ounce in New York.