Globally, gold rose 0.10 per cent to USD 1,227.50 an ounce.
In the Indian market, gold futures hit the highest since July 6, 2016
US gold futures were up 0.1 per cent at $1,230.9 an ounce.
Chana for delivery in December fell by Rs 4, or 0.10 per cent
Zinc for delivery in current month fell by 60 paise
Gold can take support near Rs 31,800 and can face resistance near Rs 32,200 in MCX.
The stock corrections have mostly been sharp and sudden.
Wherever there is growth, the market is bound to pay a premium.
Analysts point out that banking and automobile sectors received severe battering last month.
Out of 416 open-ended, onshore equity funds, 401 have lost money this year.
Gold is likely to reclaim $1,330 an ounce mark on Commex and Rs 33,500 on MCX.
Shares of Tata Sponge and MM Forging plunged 20 per cent and 10 per cent so far in 2018.
The scrip has already surged 1,000 per cent in five years – mainly in last 18 months.
One of the important point is the need to invest at regular intervals.
General elections in India are due in April-May 2019 to constitute the 17th Lok Sabha.
The commodity on MCX was down 0.29% at Rs 1,710 per 1 kg at around 10.25 am (IST).
MCX Gold futures were trading 0.08 per cent down at Rs 32,047 per 10 gram.
Brent crude oil futures were trading at $79.61 per barrel at 0645 GMT, up 32 cents.
US gold futures were little changed at $1,230.60 an ounce.
Prices of the yellow metal had declined by Rs 150 to Rs 32,030 per 10 grams Wednesday.
US gold futures were down 0.1 per cent at $1,226.40 an ounce.
US crude stocks rose 6.5 million barrels last week, the fourth straight weekly build.
“We expect 35 per cent shortfall in the crop. Rains have led to disease of the nuts,” said M Suresh Bhandary, MD of Mangalore-based Campco.
Globally, gold rose 0.44 per cent to USD 1,330.80 an ounce.
US President Donald Trump has been a vocal critic of the Opec.