Gold regains 30k level on festive demand, global cues

August contract rises 0.4%

Gold futures prices today rose by Rs 135 to Rs 30,066 per 10 grams as speculators enlarged their positions on the back of a rise in demand in the spot market amid a firm global trend.

At the Multi Commodity Exchange, gold for delivery in October rose by Rs 135, or 0.45% to Rs 29,931 per 10 grams in a business turnover of 1,633 lots.

August gold moved up by Rs 119, or 0.40%, to Rs 29,687 per 10 grams in 6,478 lots.

Market analysts attributed the rise in gold futures prices to increased buying by speculators on the back of a rise in demand in the spot market for the festive season. They said a firming global trend supported the uptrend.

 

Meanwhile, gold rose 0.3% to $1,585.40 an ounce in Singapore.