Gold prices surged 3.48 per cent to Rs 28,627 per 10 grams in futures trade today as speculators created fresh positions taking positive cues from overseas markets.
At the Multi Commodity Exchange, gold for delivery in far-month October spurted by Rs 963, or 3.48 per cent, to Rs 28,627 per 10 grams, with a business turnover of 1,522 lots.
The metal for delivery in August rose by Rs 888, or 3.22 per cent, to Rs 28,501 per ten grams, with a trade volume of 23,730 lots.
Marketmen said increased positions built-up by speculators after the precious metal rallied to over three-month high in global markets as Middle East tension spurred safe-haven demand, influenced gold futures here.
Globally, gold in London added 0.60 per cent to USD 1,335.45 an ounce after reaching USD 1,337.81, the highest since Marh 21.
