Zee Media Bureau
Gold prices reclaimed Rs 29,000 level by gaining Rs 246 to Rs 29,016 per ten grams in futures trading Friday as speculators enlarged positions tracking 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.
Gold in overseas markets, which normally set price trend on the domestic front, hit a 3-1/2 week high today and was set for its biggest weekly gain in seven as the dollar and equities fell after US President Barack Obama authorised air strikes in Iraq, adding to simmering international tensions and sapping appetite for risk.
Spot gold hit its highest since July 14 at USD 1,322.60 an ounce earlier, and last quoted up 0.3 percent at USD 1,316.80 today.
The yellow metal has gained 1.9 percent this week, its first increase in four weeks and the highest weekly gain in seven.
US gold futures for December delivery were up USD 6.20 at USD 1,318.70 an ounce.
Meanwhile, gold prices again crossed the Rs 29,000-mark to hit over two-month high by rising Rs 300 to Rs 29,100 per ten gram at Delhi bullion market, mostly in tandem with a firming trend overseas.
With agency inputs
