Gold prices climbed 1.62 per cent to Rs 26,383 per ten grams at the futures trade today as speculators enlarged their positions, taking strong cues from overseas market.
At the Multi Commodity Exchange, gold for delivery in June climbed Rs 420 or 1.62 per cent to Rs 26,383 per ten grams in a business turnover of 20,805 lots.
Similarly, the yellow metal for August delivery shot up Rs 416 or 1.59 per cent to Rs 26,160 per ten grams in 2,597 lots.
Market analysts attributed the sharp rise in gold futures to a firm global trend after data showed China’s manufacturing contracted in May for the first time in seven months, boosting the demand for safe haven.
Meanwhile, the yellow metal gained 0.5 per cent to $1,376.98 an ounce in Singapore.