Gold prices on Wednesday gained 1.12 per cent to Rs 41,117 per 10 gram in futures trade as further escalations in US-Iran conflict prompted investors to move towards safe haven assets.
On the Multi Commodity Exchange, gold contracts for February traded higher by Rs 454, or 1.12 per cent, at Rs 41,117 per 10 gram with a business turnover of 6,824 lots.
The yellow metal for April delivery traded higher by Rs 483, or 1.18 per cent, at Rs 41,350 per 10 gram in a business turnover of 1,459 lots.
The tensions in Middle East escalated further after Iran launched over a dozen ballistic missiles targeting bases where US military and coalition forces are stationed in Iraq.
The attacks were in revenge for the killing of the commander of Iran's Revolutionary Guards, General Qasem Soleimani following US airstrike last week.
Fresh positions built up by participants led to the rise in gold prices, analysts said.
Globally, gold prices rose 1.29 per cent to USD 1,594.60 per ounce in New York.
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