Gold prices edges higher to Rs 27 on Thursday

Gold prices edged up by Rs 27 to Rs 30,620 per 10 gram in futures trade on Thursday as speculators built up fresh positions, taking positive cues from overseas markets.

At the Multi Commodity Exchange, gold for October rose by Rs 27, or 0.09 percent, to Rs 30,620 per 10 gram in business turnover of 49 lots.

On similar lines, the yellow metal for December gained Rs 25, or 0.08 percent, to Rs 30,930 per 10 gram in 9 lots.

Analysts said fresh positions created by participants in line with a firm trend overseas as investors looked for bargains after the metal fell to a two-week low in the previous session following the US interest rate hike, which mainly influenced gold prices at futures trade.

Globally, gold rose by 0.31 percent to USD 1,197.80 an ounce in Singapore.