Gold prices surged over 1 per cent to Rs 30,308 per ten gram at the futures trade today as speculators indulged in building up fresh positions amid a firm trend overseas as the US Federal Reserve unexpectedly refrained from reducing the economic stimulus.
On the Multi Commodity Exchange, the metal prices for delivery in October went up by Rs 318 or 1.06 per cent to trade above Rs 30,308 per ten gram in a turnover of 868 lots.
Similarly, the far-month December contract shot up by Rs 163 or 0.88 per cent to Rs 30,110 per 10 gm in a business volume of 121 lots.
Analysts attributed the gains in the precious metal at the futures trade to a firm trend in the overseas market as the Federal Reserve decided to keep its stimulus programme intact.
Besides, hike in import duty on gold and silver to 15 per cent from 10 per cent by the Government, also influenced the prices, they said.
Globally, gold soared $55.30 or 4.22 per cent, the most since June 1, 2012, to $1,365.30 an ounce in New York yesterday.