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Gold prices jumped by Rs 232 to Rs 26,965 per 10 grams at the futures trading today as speculators enlarged their positions.
Trading sentiment bolstered after gold climbed in the Asian region on concerns that the sovereign debt crisis in Europe might worsen. This prompted investors to buy the metal as a hedge against financial turmoil.
At the Multi Commodity Exchange, gold for delivery in December rose Rs 232 or 0.87 per cent to Rs 26,965 per 10 grams with a business turnover of 5,868 lots. Similarly, the metal for delivery in October moved up by Rs 188 or 0.71 per cent to Rs 26,744 per 10 grams with an open interest of 56 lots.
Market analysts said increased buying by speculators due to a rise in spot market demand amid a firming trend in the Asian region, mainly led to the rise in gold futures prices.
Meanwhile, the yellow metal gained 0.9 per cent to $1,672.38 an ounce, its highest level since September 27 in Singapore.
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