Gold jewellery lovers might have to loosen purse strings for purchase of new jewellery as gold prices rose by Rs 60 to Rs 31,964 in futures trade. Despite a lukewarm trend overseas, speculators widened their bets in the domestic market. On the Multi Commodity Exchange, gold for delivery in June was trading higher by Rs 60, or 0.19 percent, at Rs 31,964 per 10 gram in a business turnover of 8,991 lots.
Analysts revealed that participants could be taking positive cues from domestic markets thereby pushing up gold prices in futures trade. Similarly, gold for August delivery was up by Rs 58, or 0.18 percent, at Rs 32,129 per 10 gram with a business volume of 115 lots. However, geopolitical tensions and fears over the escalating US-China War have led to unstable gold prices and skeptical economic outlook. Bullion was trading 0.28 percent lower at $1,283.80 an ounce in New York.