The gold futures recorded an increase of 0.23 percent to Rs 30,719 per 10 grams on Wednesday in India as the global price of the shiny metal increased.

The demand for gold increased as investors looked at gold as a more attractive investment than the weakened dollar in the global markets. Gold for delivery in December rose to 0.23 percent, to Rs 30,719 per 10 grams with a turnover of 66 lots on the Multi Commodity Exchange.

The prices for the metal for delivery in October rose by Rs 68, or 0.22 percent to Rs 30,386 per 10 grams for a business volume of 1,590 lots. Dealers in the Multi Commodity Exchange said that the increase in gold futures in mainly due to strong demand in the global market.

Investors are looking for an alternative investment opportunity to a weaker dollar. They also said that the strong demand from domestic spot markets also helped pushed up the price of gold in the market.

Meanwhile, the World Gold Council has earlier said that the global demand for gold has fallen 7 per cent to 990T, which is its lowest level in two years, during the second quarter of 2012 till June 2012.