Gold
prices continued its upward trend in futures trade as it again crossed Rs 30,000 per ten gram level on Friday by rising 3.56 per cent on firm global cues.
A firming trend in the domestic spot markets for the upcoming festive and marriage season along with the covering up of short positions by speculators also influenced gold futures prices.
Metal prices for delivery in far-month December went up by a whopping Rs 1,060, or 3.65 per cent, to trade above Rs 30,000 level at Rs 30,077 per ten gram, a level last seen in March at the Multi Commodity Exchange. It clocked a turnover of 122 lots.
On the similar lines, the metal prices for delivery in October shot up by Rs 1,039, or 3.56 per cent, to Rs 30,225 per 10 gm, in a business volume of 2,186 lots.
Analysts
attributed gains in the precious metal at futures trade to a firm trend in the overseas markets where it climbed to two-month highs as lower equities and signs of rising physical purchases spurred demand.
Besides, hike in import duty on the precious metal by two per cent to 10 per cent by the government, also influenced prices, they said.
Globally, gold rose 0.50 per cent, to trade at $1,372.97 an ounce in Singapore on Friday, the highest since June 19 in Singapore.
With PTI inputs
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