Gold prices rose by Rs 234 to Rs 31,697 per 10 gram in futures trade Monday as participants created fresh positions, tracking firm trend overseas.
On the Multi Commodity Exchange, gold for delivery in June contracts traded higher by Rs 234 or 0.74 per cent to Rs 31,697 per 10 gram in a business turnover of 13,679 lots.
Marketmen attributed the rise in gold futures to higher crude rates amid tensions scaling up between the US and Iran.
The Trump administration is expected to inform five nations, including allies Japan, South Korea and Turkey, that they will no longer be exempt from US sanctions if they continue to import oil from Iran. The other two countries are India and China.
Besides, a depreciating rupee also helped gold futures to rise.
Globally, the yellow metal was trading higher by 0.44 per cent at USD 1,277.49 an ounce in Singapore.
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