Zee Media Bureau
Gold prices rose by Rs 304 to Rs 26,634 per ten grams in futures trade Tuesday as market participants enlarged their positions in tandem with a strong trend overseas.
At the Multi Commodity Exchange (MCX), gold for delivery in December gained by Rs 304 to Rs 26,634 per ten grams after moving in range of Rs 26,392 - Rs 26,660 per ten grams.
Gold in overseas markets, which normally set price trend on the domestic front, jumped to a fresh
two-week peak today, moving closer to the key USD 1,200-an-ounce level, as a softer dollar increased its appeal as a hedge.
Spot gold rose 0.8 percent to USD 1,195.50 an ounce, its highest since Oct. 31. US gold futures jumped 1 percent to USD 1,195.70, also a two-week high.
Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.33 percent to 723.01 tonnes on Monday, the first increase since Nov. 3.
Meanwhile, gold prices recovered by Rs 40 to Rs 26,800 per ten gram at Delhi bullion market on scattered buying by jewellers and retailers to meet ongoing wedding season demand and a firming global trend.
Silver, however, remained under selling pressure and fell further by Rs 685 to Rs 35,815 per kg.
