Gold regains Rs 30,000 level in futures trade

Gold regains Rs 30,000 level in futures trade Zee Media Bureau/Ajeet Kumar

Gold manged to regain 30,000 level by extending its early gains by Rs 676 to Rs 30,204 per ten grams level in futures trade Thursday as market participants enlarged their positions even a range-bound trade overseas.

Appreciation in rupee against dollar, however, limited the upside.

The rupee settled up by 73 paise or 1.17 percent at 61.73 against US dollar from the previous close of 62.46 at the interbank foreign exchange market.

At the Multi Commodity Exchange (MCX), gold for delivery in October gained by Rs 676 to Rs 30,204 per ten grams.

Similarly, silver for delivery in December zoomed by Rs 751 to Rs 48,653 per Kg.

Gold price in overseas markets, which normally set price trend on the domestic front, rose after softer US services sector data raised expectations that the Federal Reserve would delay any reduction in economic stimulus, especially with September employment data delayed by the US government shutdown.

The yellow metal rose over 2 percent on Wednesday, posting the biggest daily gain in two weeks, as the dollar fell to an eight-month low and the shutdown showed no end in sight.

Spot gold last quoted at USD 1,316.89 an ounce, up 0.17 percent.

Meanwhile, snapping its two-day losing trend, gold prices recovered by Rs 220 to Rs 30,600 per ten grams in Delhi bullion market on fresh buying by stockists and jewellers to meet the coming festival and marriage season demand.

However, silver remained weak for the third straight session and shed another Rs 50 to Rs 49,250 per kg on lack of buying support from industrial units. The white metal had lost Rs 380 in last two sessions.