Tracking a firm trend in global markets, gold prices surged by 0.54 per cent to Rs 31,894 per 10 grams in futures trade on Thursday as traders created fresh positions.
Gold to be delivered in November contracts was trading higher by Rs 171, or 0.54 per cent, to Rs 31,894 per 10 grams in a business volume of 4,685 lots at the Multi Commodity Exchange (MCX).
In a similar manner, the precious metal for December delivery rose by Rs 167, or 0.52 per cent, to Rs 32,080 per ten gram in 13,024 lots.
Analysts attributed the rise in gold futures to building up of fresh positions by traders, triggered by a firming trend overseas where gold traded at over three-month high as the dollar eased and equities slumped.
Globally, gold was trading 0.32 per cent higher at USD 1,238.10 an ounce in Singapore Thursday.
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