The metal was trading 0.43 per cent lower at USD 1,294.19 an ounce in New York.
Gold ingots and coins (Photo: Getty Images)
Gold prices rose by Rs 84 to Rs 34,110 per 10 gram at futures trade Friday on demand by local jewellers at the spot market.
On the Multi Commodity Exchange, gold to be delivered in June contracts was up by Rs 84, or 0.25 per cent, to trade at Rs 34,110 per 10 gram in a business turnover of 18,056 lots.
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Raising of bets by speculators at current levels mainly pushed up gold prices at futures trade here but a subdued trend overseas limited the gains.
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Globally, however, the metal was trading 0.43 per cent lower at USD 1,294.19 an ounce in New York. It was on Thursday that New York witnessed nearly $1,400 an ounce, which is also the highest since 2013.
On the other hand, gold prices had edged up at over five-year highs on Thursday in global markets. The prices hiked by Rs 761 to Rs 33,840 per 10 gram in futures trade.
Gold has been trading on a positive note for the last four weeks on growing geopolitical concerns and weak economic releases from U.S. and China that lifted its safe haven appeal. Weak global growth forecast amid growing trade war tensions also stoked investors towards the yellow metal.
On the Multi Commodity Exchange, gold contracts for August delivery traded higher by Rs 761, or 2.30 per cent, at Rs 33,840 per 10 gram in a business turnover of 18,785 lots.
Gold contracts for October delivery also rose by Rs 719, or 2.16 per cent, to Rs 34,000 per 10 gram in 4,068 lots.
Market analysts said the rise in gold prices was mostly due to widening of positions by participants in domestic markets.
Globally, gold was trading 2.81 per cent higher at USD 1,386.70 an ounce in Singapore.
(With inputs from PTI)
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