Gold extends gains on global cues, spot demand

Ongoing wedding season also pushed prices higher

Buoyed by firming trend overseas, gold continued its winning streak to trade 0.33% higher in futures trade today as speculators engaged in building positions.

Firm demand at spot market for the ongoing wedding season, too, influenced gold futures prices.

At the MCX, gold for delivery in August rose by Rs 99, or 0.33%, to Rs 30,135 per 10 gm, with a business turnover of 1,148 lots.

The October contract traded higher by Rs 96, or 0.32%, to Rs 30,457 per 10 gm in 46 lots.

Analysts attributed gains in gold futures prices to a firming trend overseas as the dollar weakened, boosting demand for bullion as an alternative investment.

Besides, a firming trend on the domestic spot markets, where the precious metal soared to yet another new high on strong demand for the ongoing wedding season, also supported the upside, they said.

In the national capital, gold prices shot up by Rs 270 to trade at all-time high of Rs 30,420 per 10 gm in yesterday's trade.

Meanwhile, gold in Singapore rose $5.40, or 0.33%, to $1,623 an ounce.