Gold Futures Rise
Tracking a firm trend overseas, gold prices moved up by 0.22 percent to Rs 31,197 per 10 gram in futures trade today as traders indulged in creating fresh positions.
At the Multi Commodity Exchange, gold for delivery in far-month December rose by Rs 67, or 0.22 percent, to Rs 31,197 per 10 gram in a business turnover of 55 lots.
Likewise, the yellow metal for delivery in October traded higher by Rs 53, or 0.17 percent, to Rs 30,981 per 10 gram in 379 lots.
Analysts attributed the rise in gold futures to fresh positions created by participants in tandem with a firm trend overseas.
Globally, gold rose 0.15 percent to USD 1,323.60 an ounce in Singapore.
Oil Prices Dip
Oil prices dipped in Asia today after Saudi Arabia's oil minister cast doubt on the need to cut output, denting hopes for a deal at talks next month aimed at addressing a global supply glut.
The commodity rallied for seven straight sessions and entered a bull market -- a 20 percent rise from recent lows -- last week after OPEC and Russia announced plans to discuss the supply crisis, which has hammered the crude market for more than two years.
Prices have taken a beating this week on concerns about the chances of success at the Algeria meeting, but they turned higher yesterday when Iran said it would join in, clearing up days of uncertainty over its attendance.
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