Gold rises marginally by Rs 75 as traders widen bets

The price of gold increased marginally by Rs 75 to Rs 30,890 per 10 grams on Monday even as it weakened in the international market.

According to analysts, the rise in the price of the yellow metal in the futures trade is attributed to the widening of bets by participants, but a weak trend overseas as the dollar held firm on news that China has cancelled the upcoming trade talks with the US.

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Another reason for the rise in gold price is that the market is also eyeing this week's US Federal Reserve meeting for guidance on future rate hikes, capped the gains.

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.

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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.

In the meantime, gold was trading 0.27 per cent lower at $1,195.50 an ounce in Singapore.