Gold futures prices recovered by 0.23 per cent to Rs 29,704 per 10 grams today as participants created speculative positions due to firm trend overseas ahead of the US Federal Reserve policy meeting.
On the Multi Commodity Exchange, the yellow metal for delivery in December gained Rs 69 or 0.23 per cent to trade at Rs 29,704 per 10 gm in a turnover of 61 lots.
Similarly, October contract rose Rs 54 or 0.18 per cent to Rs 29,841 per 10 gm clocking a business volume of 1,095 lots.
Analysts attributed the rise in gold prices at the futures trade to the precious metal’s gains in the global market on speculation that policy makers will be less inclined to curb stimulus after former Treasury Secretary Lawrence Summers withdrew his bid to head the Federal Reserve.
The Federal Reserve begins a two-day policy meeting today at which it is forecast to reduce the pace of its US bond buying.
Globally, gold rose 0.2 per cent to $1,315.53 an ounce in Singapore today.