Tracking a firm trend overseas, gold traded higher by 0.47 per cent at Rs 31,365 per 10 grams at the futures market today as traders enlarged positions.
At the Multi Commodity Exchange, gold for delivery in August rose Rs 146 or 0.47 per cent to Rs 31,365 per ten grams in a business turnover of 752 lots.
Similarly, the yellow metal for delivery in far-month December traded higher by Rs 127 or 0.40 per cent at Rs 31,638 per ten grams in 75 lots.
Analysts attributed the rise in gold futures prices to a firm trend overseas where gold advanced for a second straight day amid speculation that the US central bank will be slow in raising interest rates, with investors counting down to the release of the Federal Reserve’s minutes of its July meeting.
Meanwhile, gold rose 0.6 per cent to $1,347.16 an ounce in Singapore.