Gold jumps by Rs 172 on positive global cues, spot demand

Gold prices rose by Rs 172 to Rs 30,049 per 10 grams in futures trade on Thursday as speculators engaged in raising their bets amid a firm global trend and increased buying by jewellers at the domestic spot markets.

At the Multi Commodity Exchange (MCX), gold for delivery in December was trading higher by Rs 172 or 0.58% to Rs 30,049 per 10 grams in a business turnover of 93 lots.

The yellow metal for delivery in far-month February next year too gained Rs 159 or 0.53% to Rs 29,879 per 10 gm in 2 lots.

Market analysts attributed the rise in gold prices at futures trade to positive global cues as well as pick-up in demand at the domestic spot markets.
 
Yesterday, gold prices zoomed by Rs 900 to trade at three-year high of Rs 31,750 per 10 grams in the national capital.

Meanwhile, gold was trading higher 0.41% higher at $1,283.50 an ounce in Singapore.