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Gold futures surge over 1 % on global cues

business Updated: Sep 19, 2013 11:03 IST

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Gold prices surged over 1% to Rs 30,308 per ten gram in futures trade on Thursday as speculators indulged in building up fresh positions amid a firming trend overseas as the US Federal Reserve unexpectedly refrained from cutting economic stimulus.

At the Multi Commodity Exchange, metal prices for delivery in October went up by Rs 318, or 1.06 %, to trade above Rs 30,308 per ten gram, in a turnover of 868 lots.

On the similar lines, the metal prices for delivery in far-month December shot up by Rs 163, or 0.88% , to Rs 30,110 per 10 gm, in a business volume of 121 lots.

Analysts attributed gains in the precious metal at futures trade to a firm trend in the overseas markets as the Federal Reserve decided to keep its stimulus programme intact, raising demand for the precious metal.

Besides, hike in import duty on gold and silver jewellery to 15% from 10 % by the government, also influenced prices, they said.

Globally, gold soared by USD 55.30, or 4.22 %, the most since June 1, 2012, to USD 1,365.30 an ounce in New York on Wednesday.