Gold futures rise on global cues

Gold futures rise on global cues

Mumbai: Gold futures rose on Friday as international gold bounced back above $1,000 an ounce, analysts said.

International gold rose above $1,000 on Friday as the precious metal continued to benefit from a weaker dollar amid growing risk appetite and inflation fears due to strong oil prices.

The precious metal often moves in the opposite direction to the dollar, as it is seen as an alternative to holding the US currency.

Indian gold futures are not delivery-based commodities and mirror international trends.

“Potential investors see gold as hedge against weakening dollar and concern of inflation, which could take gold prices above 16K level in the short term," said Kapil Gandhi of STCI Commodities.

Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 11:30 a.m.