Gold futures regain 30K level on strong global cues

New Delhi: Gold extended initial gains and regained the psychological level of Rs 30,000 per ten gram in the national capital today as speculators engaged in enlarging positions, driven by a firming global trend.

At the Multi Commodity Exchange, gold for delivery in April contracts shot up by Rs 635, or 2.16 per cent to Rs 30,010 per ten gram in business turnover of 14,908 lots.

Likewise, the metal for delivery in June climbed Rs 560, or 1.93 per cent to Rs 29,565 per 10 grams in 1,296 lots.

Market analysts attributed surge in gold futures to a firm global trend as speculation the US economic recovery will slow, spurring demand for a haven.

Meanwhile, gold rose 0.4 per cent to USD 1,324.51 an ounce, after touching USD 1,330.03, the highest since October 31 in London.