Gold futures were trading higher by 0.36 per cent at Rs 31,408 per 10 grams on Monday as traders raised bets amid positive cues from global markets.
Gold futures were trading higher by 0.36 per cent at Rs 31,408 per 10 grams on Monday as traders raised bets amid positive cues from global markets.
Gold to be delivered by far-month February next year was trading higher by Rs 113, or 0.36 per cent at Rs 31,408 per 10 grams in a business turnover of 24 lots at the Multi Commodity Exchange.
Similarly, the metal for delivery in December gained Rs 106, or 0.34 per cent to Rs 31,122 per 10 grams in 268 lots.
Analysts attributed the rise in the precious metal to widening of positions by participants in line with a firming trend overseas.
Meanwhile, gold was trading 0.15 per cent higher at USD 1,211.30 an ounce in Singapore.
Meanwhile, the festive cheer seems to be missing from the gold market, and this is what import figures of the precious metal show. Figures show that gold and silver import fell sharply in the city in the month of October, that is, just before Dhanteras and Diwali.
Gujarat State Export Corporation Limited (GSECL), which handles cargo at Sardar Vallabhbhai Patel International Airport, said that gold import for October was 0.57 tonne, 89 per cent lower than 5.23 tonne recorded in the same month, last year. Import of the yellow metal for October was the lowest since May 2016, when it was only 0.42 tonne.
The steep fall in gold import comes after three months of a huge jump in import. Gold import for July, August and September had risen by 304 per cent, 1,634 per cent, and 220 per cent respectively. The rise can be attributed to jewellers stocking up for festive season sales.
Gold sales have been facing a slowdown over the past couple of years. This year, Pushya Nakshatra failed to add glitter to purchase of gold, and while sales rose on Dhanteras, demand was much lower than previous years. According to jewellers, the high price of gold, quoted at nearly Rs 33,000 per 10 gramme, deterred buyers.
For the first seven months of the year, gold import stood at 31.82 tonne, 4 per cent lower than 33 tonne, in 2017.
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 "Gold futures up 0.36 per cent on positive global cues")
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