Gold prices rose 0.54 per cent to Rs 30,220 per 10 gram at the futures trade today as participants engaged in enlarging their positions mostly supported by a firm trend overseas.
Besides, covering-up of short positions by speculators also supported the upside.
On the Multi Commodity Exchange, the yellow metal for delivery in December gained Rs 163 or 0.54 per cent to trade higher at Rs 30,220 per 10 gm in a turnover of 1,110 lots.
Similarly, gold for delivery in far-month February moved up by Rs 157 or 0.53 per cent to Rs 29,760 per 10 gm clocking a business volume of 43 lots.
Analysts said that the recovery in gold futures was mostly in line with a firm trend overseas after US Federal Reserve Chairman nominee Janet Yellen backed stimulus until the economy and labour market improves, easing concern that the central bank’s bond-buying programme will soon be scaled back.
Globally, gold gained 0.4 per cent to $1,287.01 an ounce in Singapore today.