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Gold price rises in futures trade on firm global cues

Marriage season mainly led to rise in gold prices at futures trade: Market analysts

Written by PTI | New Delhi | Published: October 3, 2013 1:34 pm

Gold prices rose by Rs 472 to Rs 30,000 per ten grams in futures trade today as speculators enlarged positions on hopes of a rise in demand in the coming festival and marriage season amid a firm global trend.

At the Multi Commodity Exchange,gold for delivery in October surged by Rs 472,or 1.60 per cent,to Rs 30,000 per ten grams in business turnover of 175 lots.

Similarly,the yellow metal for delivery in December traded higher by Rs 167,or 0.58 per cent,to Rs 29,195 per ten grams in 2026 lots.

Market analysts said speculators enlarged their positions on hopes a rise in demand in the coming auspicious “Navratras” and marriage season mainly led to rise in gold prices at futures trade.

Firm global trend where gold held above USD 1,300 an ounce after gaining the most in two weeks as investors assessed the US government shutdown and its impact on the outlook for monetary stimulus from the US Federal Reserve also influenced the sentiment,they said.

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