Gold rises by nearly Rs 100 ahead of RBI policy meet

NEW DELHI: Snapping Monday’s loss, gold opened Rs 91 higher in futures trade on Tuesday ahead of RBI’s money policy announcement. At 10:24 am, gold contracts for October 5 expiry were trading at Rs 30,670 per 10 gm. The metal opened at Rs 30,645 per 10 gm against the previous close of Rs 30,579.

The average trading price on the day stood at Rs 30,663.24 per 10 gm. The price of spot gold stood at Rs 30,940 per 10 gm, according to MCX data.



In the global market, gold held on to the losses early Tuesday, after falling slightly in the previous session thanks to a firmer dollar after upbeat US economic data.

Spot gold edged 0.1 per cent down to $1,310 an ounce. The bullion fell 0.3 per cent to a near two-week low of $1,309 on Monday.

Geofin Comtrade in its note said there may be weakness only below the Rs 30,830 level. Else one can expect a boost in prices towards Rs 31,090 level.