Gold rises marginally as participants raise bets

Gold prices rose by Rs 44 to Rs 30,750 per 10 grams in futures trade on Monday as speculators raised their bets even as the precious metals weakened overseas.

At the Multi Commodity Exchange, gold for delivery in December was trading higher by Rs 44, or 0.14 per cent, to Rs 30,750 per 10 grams in a business turnover of four lots.

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The October contract of gold was also up by Rs 26, or 0.09 per cent, to Rs 30,520 per ten grams in a business volume of 207 lots.

Market analysts attributed rise in gold futures to widening of positions by participants but a weak trend overseas, capped the gains.

Gold fell by 0.30 per cent to $ 1,192.60 an ounce in Singapore as the dollar firmed, eroding demand for the precious metal as a safe haven amid expectations of a US Federal Reserve interest rate hike in September and fears of escalating trade tensions between the US and China.