Gold continues to recover; rises Rs 273 in futures trade
Zee Media Bureau
New Delhi: Tracking uptrend in the global market and taking cues from emerging retail demand in spot markets at prevailing low levels, gold continued its recovery for the third consecutive trading session, rising by Rs 273 to Rs 26,320 per 10 gm in futures trade on Monday.
Globally, gold climbed 1.34 percent or USD 18.80 to USD 1,425.30 per ounce.
At the spot markets, gold has already reclaimed Rs 27,000 level with prices rising by a whopping Rs 500 to trade at Rs 27,100 per 10 gm.
Besides, covering-up by speculators who had created huge short positions, also helped gold to trade higher at futures trade.
At the Multi Commodity Exchange (MCX), the most-active delivery in June contracts traded Rs 273 higher at Rs 26,320 per 10 gm.
Similarly, silver for delivery in May spurted by Rs 325 to Rs 43,748 per kg.
"Besides, rising physical demand at current levels, covering-up of short positions by speculators, helped gold prices to rise at futures trade here," said an analyst.
Market analysts said recovery in the global markets as investors enlarged positions, taking advantage of the biggest plunge in prices in three decades, helped gold futures to extend its recovery move at futures trade.
Further, rising demand at current levels in the domestic spot market also influenced prices, they said.
With PTI Inputs