Gold price breaches Rs 31,000-mark, zooms over Rs 600 per 10 grams

Zee Media Bureau

New Delhi: Gold prices breached the Rs 31,000 per 10 grams mark by zooming over Rs 600 in futures trade Thursday as speculators raised their bets after the precious metal climbed above USD 1,300 an ounce in the global markets.

In futures trading at the Multi Commodity Exchange (MCX), gold for delivery in August last quoted higher by Rs 615  or 2.02 percent to Rs 31,059 per 10 grams.

At Delhi bullion market, gold prices surged by Rs 580 today to trade above the Rs 30,000-mark at Rs 30,250 per 10 gram, its highest level in over five weeks. Silver also recaptured the Rs 42,000-mark by rising Rs 700 to Rs 42,050 per kg backed by increased offtake by industrial units and coin makers.

Analysts said rally in gold prices in the global market, where it again went past USD 1,300 after the Federal Reserve scaled back the outlook for interest-rate increase and Fed Chair Janet Yellen signaled rates may stay lower for longer, raised appeal of the yellow metal, influenced gold futures here.

Besides, covering-up short positions by speculators amid falling equity and currency markets also supported the upside, they said.

Globally, the metal's rates zoomed as much as USD 10.80 or 0.94 percent to USD 1,302.30 an ounce in Singapore.

With Agency Inputs