Gold prices edged higher by 0.20 per cent to Rs 29,480 per 10 grams at the futures trade as speculators built up fresh positions owing to a firm global trend.
At the Multi Commodity Exchange, gold for delivery in August rose Rs 58 or 0.20 per cent to Rs 29,480 per 10 grams in a business turnover of 7 lots. Similarly, the yellow metal for delivery in October was trading higher by Rs 20, or 0.07 per cent, at Rs 29,698 per ten grams in 205 lots.
Market analysts said fresh positions created by traders in sync with a firm global trend where gold inched higher, recovering from its fall in the previous session, influenced gold prices at the futures trade. Globally, gold rose 0.21 per cent to $1,218 an ounce in Singapore.