Overseas gold was steady on Tuesday and was seen trading around $1,614 a troy ounce as investors waited for the monetary easing from central banks to boost sagging global economy.
Rupee appreciated in today's trade, as rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.
Sentiment was also boosted as China, world's top gold producer is likely to release its inflation, industrial output and trade data for July later this week which is likely to show that the country was stabilizing.
On Multi Commodity Exchange, with the October 2012 contract was seen trading at Rs 29,965 per 10 grams, higher by 0.12%. The contract opened at Rs 29,950 against the previous closing price of Rs. 29,928. It touched the intra-day high of Rs. 29,988.
Gold futures contract for December delivery contract was trading at Rs 30,907 per 10 grams higher by 0.20% at 2.20 pm IST.
Spot gold was seen trading higher at Rs 29,786 per 10 grams, silver was seen trading at Rs 52,771 per kgs. Delhi bullion of 99.9 and 99.5% purity was at Rs 30,200 and Rs 30,000 per 10 grams, respectively.
While, silver for September delivery on MCX opened at Rs 53,309 per kg and was trading at Rs 53,467 per kgs.
Traders are looking for further price correction to bookd eals as festive season is on.