Gold advances, hovers above Rs 29,000-mark at futures trade

New Delhi: Gold prices edged higher at futures trade on Monday.

At the Multi Commodity Exchange (MCX), gold for delivery in December was trading higher by Rs 52, or 0.18 percent, to Rs 29,140 per 10 grams.

However, gold was hovering near a one-week low globally, hit in the previous session, as largely upbeat US economic data reinforced the prospects of another rate hike by the Federal Reserve next month.

Spot gold was nearly unchanged at USD 1,269.11 per ounce after edging lower earlier in the session. On Friday, the precious metal touched a one-week low of USD 1,265.16.

US gold futures for December delivery gained 0.1 percent to USD 1,269.80.

US jobs growth accelerated in October, although wage growth was tepid, adding to the Fed`s assessment last week that "the labor market has continued to strengthen", with the sluggish wage data doing little to change expectations.

Markets are increasingly confident the Fed will hike interest rates in December, which has weighed on the precious metals complex.