Continuing its rising streak, gold prices again crossed Rs 30,000 per ten gram level at the futures trade today by rising 3.56 per cent as speculators engaged in building up positions amid a firm trend overseas.
Besides, covering-up of short positions by speculators owing to a firm trend in the domestic spot market due to the upcoming festive and marriage season also influenced the gold futures trade, traders said.
On the Multi Commodity Exchange, the yellow metal prices for delivery in far-month December went up by Rs 1,060 or 3.65 per cent to trade above Rs 30,000 level at Rs 30,077 per ten gram, a level last seen in March. It clocked a turnover of 122 lots.
Similarly, October contract shot up by Rs 1,039 or 3.56 per cent to Rs 30,225 per 10 gm in a business volume of 2,186 lots.
Analysts attributed the gains to a firm trend in the overseas market where the yellow metal climbed to a two-month high as lower equities and signs of rising physical purchases spurred demand.
Besides, hike in import duty on the precious metal by two per cent to 10 per cent by the Government also influenced prices, they said.
Globally, gold rose 0.50 per cent to trade at $1,372.97 an ounce in Singapore today, the highest since June 19.