Gold prices on Friday surged by Rs 589 to Rs 39,866 per 10 gram in futures trade as speculators increased their bets in tandem with positive overseas trend.
On the Multi Commodity Exchange, gold contracts for February traded higher by Rs 589, or 1.5 per cent, at Rs 39,866 per 10 gram with a business turnover of 4,723 lots.
The yellow metal for April delivery also traded higher by Rs 590, or 1.5 per cent, at Rs 40,020 per 10 gram in a business turnover of 447 lots.
Fresh positions built up by participants taking positive cues from global markets mostly led to the rise in gold prices, analysts said.
Globally, gold prices rose 1.07 per cent to USD 1,544.40 per ounce in New York.
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