Gold zooms to near Rs 32,000 level in futures trade
Zee Media Bureau/Ajeet Kumar
Extending their early gains, gold prices settled higher by Rs 765 to Rs 31,905 per 10 grams in futures trade Friday as market participants enlarged their positions in tandem with a firming trend overseas.
At the Multi Commodity Exchange (MCX), gold for delivery in October rose by Rs 765 to Rs 31,905 per ten grams.
Similarly, silver for delivery in September spurted by Rs 2,274 to Rs 53,469 per kg.
Gold price in overseas markets, which normally set price trend on the domestic front, gained nearly 2 percent, hitting its highest price in more than two months near USD 1,400 an ounce, as a big drop in US new home sales renewed hopes that the Federal Reserve will maintain its bond-buying economic stimulus.
For the week, gold gained 1.6 percent for its third consecutive weekly rise. It has climbed in six out of the past seven weeks since gold fell to a three-year low at USD 1,180 an ounce on June 28.
Spot gold last traded up USD 21.70 or 1.58 percent at 1,398.80 an ounce.
In New York, gold for December delivery rose by USD 25 or 1.8 percent to settle at USD 1,395.80 an ounce on the Comex division of the NYMEX. Prices for the most-active contract closed at their highest level since June 6.
In electronic trade, the most-active contract hit USD 1,400 per ounce level.
Meanwhile, gold prices declined by Rs 330 to Rs 31,420 per 10 grams in Delhi bullion market on lower sales by retailers and jewellers at current high levels.
Silver also eased by Rs 100 to Rs 51,800 per kg on lack of buying support from industrial units and coin makers.