Gold futures were trading up 0.18 per cent at Rs 29,778 per ten grams as traders raised bets amid positive cues from the global markets.
At the Multi Commodity Exchange, gold for delivery in February next year rose Rs 54, or 0.18 per cent, to Rs 29,863 per ten grams in a business turnover of 9 lots. Sovereign Gold Bond scheme: New Investment Limit Is 4 kg Per Fiscal
Similarly, the metal for delivery in December traded higher by Rs 50, or 0.15 per cent, to Rs 29,778 per ten grams in 378 lots.
Analysts attributed the rise in gold prices to a firming trend overseas where it rose to the highest in more than a week as an uptick in geopolitical uncertainty increased demand for the precious metal as a safe-haven but growing hopes that the US Federal Reserve will hike interest rates for the third time this year capped gains. Meanwhile, gold was trading 0.26 per cent higher at USD 1,287 an ounce in Singapore today. Which Countries Have The Largest Gold Reserves?