Tracking a firming global trend, gold prices rose by Rs 96 to Rs 29,667 per 10 grams in futures trade today as speculators created fresh positions.
Trading sentiment bolstered on speculation a decision by the European Central Bank to cut interest rates might fan inflation and raise demand for the precious metals as a safe haven. Gold climbed to near a two-week high in Singapore.
At the Multi Commodity Exchange, gold for delivery in August rose by Rs 96, or 0.32% to Rs 29,667 per 10 grams in business turnover of 3,298 lots.
Similarly, the metal for delivery in October moved up by Rs 87, or 0.29%, to Rs 29,970 per 10 grams in 132 lots.
Market analysts said fresh buying by speculators in tandem with a firming global trend mainly led to rise in gold prices at futures trade.
Meanwhile, gold gained 0.2% to $1,619.13 an ounce in Singapore.
