Tracking a firm global trend, gold prices edged higher by 0.20 per cent to Rs 29,480 per 10 grams in futures trade today as speculators built up fresh positions.
At the Multi Commodity Exchange, gold for delivery in August rose by Rs 58, or 0.20 per cent, to Rs 29,480 per 10 grams in a business turnover of 7 lots.
Similarly, the yellow metal for delivery in October was trading higher by Rs 20, or 0.07 per cent, to Rs 29,698 per ten grams in 205 lots.
Market analysts said fresh positions created by traders in sync with a firming global trend where gold inched higher, recovering from its fall in the previous session when the US Federal Reserve kept interest rates steady, influencing gold prices in futures trade.
Globally, gold rose 0.21 per cent to USD 1,218 an ounce in Singapore.