Continuing its rising streak, gold prices again crossed Rs 30,000 per ten gram level in futures trade on Friday by rising 3.56% as speculators engaged in building up positions amid a firming trend overseas.
Further, a firming trend in the domestic spot markets for the upcoming festive and marriage season, covering up of short positions by speculators also influenced gold futures prices in New Delhi, traders said.
At the Multi Commodity Exchange, metal prices for delivery in far-month December went up by a whopping Rs 1,060, or 3.65%, to trade above Rs 30,000 level at Rs 30,077 per ten gram, a level last seen in March. It clocked a turnover of 122 lots.
On the similar lines, the metal prices for delivery in October shot up by Rs 1,039, or 3.56%, to Rs 30,225 per 10 gm, in a business volume of 2,186 lots. Analysts attributed gains in the precious metal at futures trade to a firm trend in the overseas markets where it climbed to two-month highs as lower equities and signs of rising physical purchases spurred demand.
Besides, hike in import duty on the precious metal by 2% to 10% by the government, also influenced prices, they said.
Globally, gold rose 0.50%, to trade at $1,372.97 an ounce in Singapore on Friday, the highest since June 19 in Singapore.