Gold futures prices rose 0.29 per cent to Rs 27,655 per 10 grams today as speculators enlarged positions, largely in tandem with a firm trend overseas amid rising spot demand.
On the Multi Commodity Exchange, gold prices for delivery in August gained Rs 81 or 0.29 per cent to trade at Rs 27,655 per 10 gm in a turnover of 537 lots. Similarly, the metal prices for delivery in far-month October edged up by Rs 80 or 0.29 per cent to Rs 27,695 per 10 gm clocking a business volume of 129 lots.
Analysts attributed the gains at the futures trade to a firm trend overseas on speculation that the Federal Reserve will maintain US economic stimulus, boosting the appeal for the precious metal as a safe haven investment.
Besides, a firm trend at the spot market after RBI imposed fresh import norms, also supported the rise.
In the national capital, spot gold prices shot up by Rs 685 to hit an over one-month high of Rs 28,365 per 10 grams in yesterday’s trade.
Globally, the yellow metal rose $12.50 or 0.94 per cent to $1,347.70 an ounce in New York yesterday.