Gold price extends early gains in futures trade

Zee Media Bureau/Ajeet Kumar

Gold prices extended their early gains by Rs 184 to Rs 30,330 per ten grams in futures trade Wednesday as market participants enlarged their positions, in tandem with a firming trend overseas.

At the Multi Commodity Exchange (MCX), gold for delivery in December gained by Rs 184 to Rs 30,330 per ten grams.

Similarly, silver for delivery in December increased by Rs 735 to Rs 50,180 per Kg.

Gold price in overseas markets, which normally set price trend on the domestic front, gained by over 1 percent today after weak US jobs data supported the view that the Federal Reserve would signal plans later in the day to keep its stimulus intact for months.

The Fed will make a statement later today at the end of its two-day meeting.

Spot gold rose as much as 1.1 percent to a session high of USD 1,358.06 an ounce after the US data release and last traded up 0.8 percent at USD 1,354.66.

Meanwhile, gold prices dropped Rs 220 to Rs 31,710 per ten gram in Delhi bullion market on sustained selling by stockists amid sluggish demand coupled with weakening global trend.

Silver, however, snapped two-day losing trend and gained Rs 510 to Rs 50,100 per kg on increased offtake by industrial units and coin makers.