Gold glitters again, reclaims Rs 30,000 per 10 grams level

Zee Media Bureau

New Delhi: Gold prices reclaimed Rs 30,000-level in futures trade Tuesday as speculators widened their bets taking positive cues from the global market.

At Multi Commodity Exchange (MCX), gold for delivery in April was trading Rs 531 or 1.79 percent higher at Rs 30,123 per 10 gram.

At Mumbai bullion market, gold prices surged ahead to revisit its highest level in 22 months on unabated buying spree from jewellery stockists and traders.

Standard gold (99.5 purity) rose by Rs 270 to finish at Rs 29,580 per 10 grams from last Friday's closing value of Rs 29,300 - its strongest close since May 12, 2014. Pure gold (99.9 purity) also climbed by a similar margin to end at Rs 29,720 per 10 grams as compared to Rs 29,450 earlier.

Elsewhere, silver also shot up to reclaim the key Rs 38,000 mark in the face of frantic speculative offtake coupled with steady industrial demand.

Globally, gold edged towards a 13-month high today, supported by a weaker dollar and lower European shares after Chinese trade data fuelled concerns about the state of global demand.

Spot gold rose 0.5 percent to USD 1,274.10 an ounce, within reach of Friday`s peak of USD 1,279.60, its highest since Feb 3 last year.

US gold for April delivery gained 0.9 percent to USD 1,275.70.

Analysts said fresh positions created by participants following a better trend in global market as commodities extended their recovery after China said it will boost efforts to right the economy and the US dollar weakened, supported the upside in gold futures here.