Gold prices rose by Rs 243 or 1.33 per cent to Rs 18,570 per ten gram in futures trade today on aggressive buying by traders triggered by a firming global trend.
Trading sentiment turned bullish after gold climbed in Asia, as investors sought a haven asset on concern that the Europe’s deficit crisis will weaken the 16-nation currency.
High demand in spot markets following ongoing marriage season also supported the uptrend.
At the Multi Commodity Exchange counter, gold for December contract shot up by Rs 243, or 1.33 per cent to Rs 18,570 per ten gram, with an open interest of 79 lots.
Similarly, the metal for delivery in June-month contract also jumped up by Rs 200, or 1.10 per cent to Rs 18,364 per 10 gram, with a business turnover of 15,777 lots.
The steep rise in gold prices at futures market were due to rising trend in overseas markets, fresh buying by traders in anticipation of pick up in demand.
Meanwhile, gold rose 0.7 per cent to $1,242.25 an ounce in Singapore.