Tracking a firming global trend, gold prices rose by Rs 116 to Rs 30,010 per 10 grams in futures trade today as speculators enlarged their positions.
Sentiment bolstered in global markets after Spain asked for a bailout and on speculation that demand from China will be sustained.
The euro rallied on the news pushing the dollar lower, thus making dollar-denominated commodities cheaper for importers to purchase.
At the MCX, gold for delivery in October rose by Rs 116, or 0.25%, to Rs 30,010 per 10 grams, with a business turnover of 214 lots.
The August contract moved up by Rs 66, or 0.22%, to Rs 29,610 per 10 grams in 7,929 lots.
Market analysts said increased buying by speculators on hopes of a rise in the spot market demand amid a firming global trend mainly led to a rise in gold prices futures.
Meanwhile, gold rose 0.9% to $1,608.25 an ounce in Singapore.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app