Zee Media Bureau After retracing Rs 30K level in second half of trade Yesterday, gold prices gained further by nearly Rs 100 per ten grams in futures trade Tuesday as market participants created fresh positions, moving in tandem with a firming trend overseas. At the Multi Commodity Exchange (MCX), gold for delivery in December gained by Rs 93 to Rs 30,264 per ten grams after moving in range of Rs 30,251- Rs 30,444. Similarly, silver for delivery in December increased by Rs 407 to Rs 44,907 per Kg. Gold price in overseas markets, which normally set price trend on the domestic front, was trading near a one-week high today, buoyed by short-covering gains in the previous session, but still looking likely to drop back as physical demand remained lacklustre and uncertainty over the U.S. stimulus outlook weighed. Spot gold last traded unchanged at USD 1,251.96 an ounce. It hit USD 1,256.49 in early trade, its highest since Nov. 20. On Monday, spot gold fell to a 4-1/2-month low near USD 1,225 an ounce before recovering to gain nearly 1 percent from short covering and options-related buying. Meanwhile, gold extended losses for the second straight session by falling Rs 50 to Rs 31,050 per ten grams at Delhi bullion market on sustained selling by stockists amid a weakening global trend. Silver lost Rs 300 to Rs 45,000 per kg on lack of buying support from jewellers and industrial units.

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