Gold rises marginally as traders widen bets

New Delhi: Gold prices rose by Rs 75 to Rs 30,890 per 10 grams in futures trade on Monday as speculators raised bets even as the precious metal weakened overseas.
At the Multi Commodity Exchange, gold for delivery in December was trading higher by Rs 75, or 0.24 per cent, to Rs 30,890 per 10 grams in a business turnover of 326 lots.
The yellow metal for delivery in October too gained Rs 62, or 0.20 per cent, to Rs 30,644 per 10 grams in 797 lots.
Market analysts attributed the rise in gold prices in futures trade to widening of bets by participants, but a weak trend overseas as dollar held firm on news that China has cancelled the upcoming trade talks with the US, with the market also eyeing this week’s US Federal Reserve meeting for guidance on future rate hikes, capped the gains. Meanwhile, gold was trading 0.27 per cent lower at USD 1,195.50 an ounce in Singapore. (PTI)