Gold prices soar; above Rs 30,000 per 10 grams

Gold prices have surged in the last few days and gold price is still trading high over global cues. MCX spot gold was seen touching a new high trading at Rs 29,890 per 10 grams, higher by Rs 90 from Saturday.

Domestically, prices rose and gold of 99.9 and 99.5% purity rose to Rs 30,300 and Rs 30,100 per 10 grams, respectively.

However, gold futures reversed the previous loss and was seen trading lower on Multi commodity Exchange (MCX) reflecting overseas cues.

Globally, gold was seen trading lower on Monday as profit booking was seen due to sudden rise in price. On MCX, the gold for June delivery was trading lower by Rs 142 at Rs 29,724 per 10 grams at 2.45 pm IST. Silver for July delivery on MCX was trading at Rs 54,157 per kgs lower by Rs 330.

On Friday, gold posted its biggest gain in three years, as poor US jobs data also fueled to reach metal price higher raising hopes for further monetary easing.

Sudden rise in prices have made buyers to step back and wait for a drop in prices.

GoodReturns.in