Continuing its upward journey, gold prices rose 0.27 per cent to Rs 32,720 per 10 grams at the futures trade today as speculators indulged in creating positions driven by a firming trend overseas.

A firming trend in the spot market on increased buying ahead of marriage and festive season also helped gold to rise at the futures trade here.

At the Multi Commodity Exchange, gold for delivery in February shot up by Rs 88 or 0.27 per cent to trade at Rs 32,720 per 10 grams with a turnover of three lots.

Similarly, gold for December delivery gained Rs 28 or 0.09 per cent to trade at Rs 32,317 per 10 grams clocking a business volume of 119 lots. Gold for delivery in October also edged up by Rs 27 or 0.08 per cent to trade at Rs 31,934 per 10 grams in a turnover of 1,287 lots.

In the domestic spot market yesterday, the yellow metal had gained Rs 50 to hit an all-time high of Rs 32,500 per 10 gram in the national capital.

Marketmen said the persistent rise in gold prices at the futures trade was mostly due to a firming trend overseas as the outlook for more stimulus from the US Federal Reserve spurred the demand for the precious metal as a store of value.

Meanwhile, gold gained 0.4 per cent to $1,732.60 an ounce in Singapore.

(This article was published on September 11, 2012)
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