Gold price reclaims Rs 29,000 level in futures trade

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Gold price reclaims Rs 29,000 level in futures trade
Gold prices rose sharply by Rs 246 to Rs 29,016 per 10 grams in futures trading Friday as speculators enlarged positions on positive cues from overseas markets.

At the Multi Commodity Exchange (MCX), gold for delivery in October rose by Rs 246, or 0.86 percent, to Rs 29,016 per 10 grams in a business turnover of 260 lots.

Similarly, the yellow metal for delivery in December moved up by Rs 212, or 0.74 percent, to Rs 28,950 per 10 grams in three lots.

Market analysts said speculators enlarged their positions on the back of a firming global trend as safe-haven demand increased on tension over Ukraine and unrest in the Middle East. This mainly led to rise in gold prices at futures trade.

Meanwhile, gold traded 0.30 percent higher at USD 1,316.91 an ounce in Singapore today, the highest since July 21.

PTI

Read more about: gold prices, mcx
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