Gold futures zoom Rs 1,025 on US election

Gold prices breached the Rs 30,000 per 10 grams mark by climbing Rs 1,025 per 10 grams in futures trade today amid a firm global trend.
At the Multi Commodity Exchange, gold for delivery in December went up by Rs 1,025 or 3.43 per cent to trade at Rs 30,905 per 10 grams in a business turnover of 1,560 lots.
Similarly, the yellow metal for delivery in far-month February rose by Rs 894 or 3 per cent to Rs 30,703 per 10 gm in 133 lots.
Marketmen attributed the sharp rise in gold prices at futures trade to a firming trend overseas where the precious metal surged above the USD 1,323 an ounce level as investors shifted their focus on safe haven assets as early results raised the possibility that Republican Trump may prevail over Democratic Hillary Clinton in the race for the US presidency.

Moreover, the rupee weakening against the US dollar by 23 paise to 66.85 (intra-day) at the forex market, made dollar-quoted precious metal expensive.
Meanwhile, gold climbed 3.7 per cent, the biggest intra-day rally since the UK's Brexit vote, to USD 1,323.17 an ounce in Singapore.