A dip in price of gold attracted bargain hunters on the commodity street.
Gold for December delivery contract on MCX opened at Rs 28,485 per 10 grams and was trading in the range of Rs 28,615 – Rs 28,618 per 10 grams at 3:20 pm IST.
While the futures for February contract opened at Rs 28,820 per 10 grams and were seen trading up marginally at Rs 28,933 per 10 grams same time.
While depreciating rupee against US dollar has driven prices up on domestic front.
Domestic bullion prices for 24 carat gold was up to Rs 29,100 per 10 grams and 22 carat was up to Rs 27,210 per 10 grams.
International gold prices also recovered a bit from the previous session but the range was still below US$ 1,700-mark.
Investors are cautious against taking any major move, as the direction still seems to be unpredictable due to uncertainties over the global economies and volatility in currencies.