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Gold prices up by Rs 26 in futures trade on steady demand

Gold prices edged up by Rs 26 to Rs 31,417 per 10 gram at the futures market on Tuesday as participants widened their bets even as metal weakened overseas.

At the Multi Commodity Exchange, gold to be delivered in February was up by Rs 26, or 0.08 per cent, to trade to Rs 31,417 per 10 gram in a business turnover of 12,377 lots.

According to analysts, raising of bets by speculators at current levels mainly pushed up gold prices at futures trade here but a subdued trend overseas limited the gains.

The precious metal recorded an intra-day high Rs 31,420 around 0930 hours Tuesday.

Globally, gold was trading higher by 0.36 per cent at $$1,282.85 an ounce in Singapore.

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