Gold price zooms by Rs 378; reclaims Rs 30K in futures trade

Gold prices rose by Rs 378 to Rs 30,134 per ten grams in futures trade Tuesday.

Updated: Oct 22, 2013, 20:45 PM IST

Zee Media Bureau/Ajeet Kumar

New Delhi: Gold prices retraced Rs 30,000 level by zooming Rs 378 to Rs 30,134 per ten grams in futures trade Tuesday as market participants enlarged their positions in tandem with a firming trend overseas.

At the Multi Commodity Exchange (MCX), gold for delivery in December rose Rs 378 to Rs 30,134 per ten grams.

Similarly, silver for delivery in December gained by Rs 768 to Rs 49,946 per Kg.

Gold price in overseas markets, which normally set price trend on the domestic front, hit a fresh three-week high, after weak US jobs figures raised expectations the Federal Reserve will keep its stimulus undiminished well into 2014.

Nonfarm payrolls rose by 148,000 in September, the Labor Department said, below the average forecast, increasing worries that the world's largest economy was losing momentum even before the government shutdown this month.

Spot gold last traded up 1.17 percent or USD 22.50 at USD 1,340.10 an ounce.

In New York, gold for December delivery moved higher by USD 20 or 1.54 percent to USD 1,336 an ounce on the Comex division of the NYMEX.

Meanwhile, snapping its two-day rally, gold prices fell by Rs 265 to Rs 31,625 per ten grams in Delhi bullion market due to slacked demand at prevailing higher levels, amid a weak global trend.

Silver also declined by Rs 340 to Rs 49,010 per kg on lack of buying support from industrial units.