Gold futures extend early gains, tops Rs 31,000 on global cues

Extending its early morning gains, gold futures went past the Rs 31,000-mark by soaring Rs 515 to trade at Rs 31,191 per ten grams in futures trade as speculators engaged in raising their bets after the precious metal surged to the highest in almost two years in global market.
Besides, increased buying by jewellers at the domestic markets too supported the upside in the yellow metal.
In futures trading at the Multi Commodity Exchange, gold for delivery in far-month October regained the Rs 31,000-mark to trade at Rs 515, or 1.68 per cent higher at Rs 31,191 per 10 grams in a business turnover of 357 lots. It touched a high of Rs 31,344 intra-day.

Also, the precious metal for delivery in August was trading higher by Rs 501, or 1.65 per cent to Rs 30,945 per 10 grams after scaling a high of Rs 31,119. It clocked a business turnover of 11,524 lots.
Market analysts attributed the rally in gold futures to a bullish trend overseas where it climbed to almost two-year high as the outlook for low US interest rates and concern that the British will leave the European Union boosted demand for a haven.
Globally, gold climbed USD 13.60, or 1.05 per cent to USD 1,305.10 an ounce in London.