Gold prices in futures market gained over Rs 160 to cross Rs 30,000 per 10 grams, tracking trends in global markets where rates spurted ahead of a meeting of finance ministers and central banks from G-7.
Gold for August delivery rose by Rs 161 to Rs 30,079 per 10 grams in the Multi Commodity Exchange, with a business turnover of 14,476 lots. Traders said speculators enlarging their position in line with a firming overseas trend helped the metal post gains.
Likewise, the metal for delivery in June moved up by Rs 197, or 0.66 per cent, to Rs 29,865 per 10 grams in 172 lots.
Traders added gold gained as there was hectic trading in futures markets in the absence of any major activity in spot markets due to lean season.
In spot markets, the metal lost Rs 100 to Rs 30,200 per 10 grams in New Delhi.
Meanwhile,
the rupee showed signs of weakness after rising to one-week high of 55.25 against dollar. It finally closed at 55.64.
A weaker rupee increases the landed cost of gold, traders pointed out.
The gold rose 0.7 per cent to $1,624.80 an ounce in New York and was at $1,620.10 in London.
The G-7 finance ministers and bankers plan to discuss Europe's debt crisis ahead of a summit of leaders from the Group of 20 in Mexico on June 18.
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