Gold prices spurted Rs 118 to Rs 29,964 per 10 gram at the futures trade as speculators widened their bets taking positive cues from the global market.
At the Multi Commodity Exchange, gold for delivery in far-month October was trading higher by Rs 118 or 0.40 per cent at Rs 29,964 per 10 gram in a business turnover of 12 lots.
The metal for delivery in August also moved up by Rs 102 or 0.34 per cent to trade at Rs 29,731 per 10 gram in a turnover of 553 lots.
Analysts said fresh positions created by participants following a better trend in global market, where the precious metal climbed to a three-week high as the dollar retreated on bets the Federal Reserve will keep interest rates on hold in the coming months, supported the upside in gold futures here.
Meanwhile, gold had traded 1.55 per cent higher at $1,262.50 an ounce in New York in yesterday’s trade.