Gold up by Rs 46 in futures trade on steady demand

Gold pries edged up by Rs 46 to Rs 30,593 per 10 grams at the futures market on Tuesday as participants widened their bets even as metal weakened overseas.

At the Multi Commodity Exchange, gold to be delivered in December up by Rs 46, or 0.15 per cent to trade at Rs 30,593 per 10 grams in a business turnover of 89 lots.

According to analysts, raising of bets by speculators at current levels mainly pushed up gold prices at futures trade here but a subdued trend overseas, limited the gains.

Gold demand in India, the second biggest gold consumer after China, usually picks up towards the end of the year going into the wedding and festival season. Traders expect the recent fall in domestic gold prices to perk up demand.

In global markets, gold prices remained steady today as investors looked to the G20 meeting this week for signs of a thaw in the China-US trade conflict. Spot gold prices inched 0.1% higher to $1,223.31 per ounce while US gold futures were up about 0.1% at $1,223.8 per ounce.