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Gold futures rebound on global cues; up 0.15%

Besides, covering-up of short positions by speculators at prevailing levels, also influenced gold futures prices here.



New Delhi: Gold futures prices on Thursday recovered by 0.15 percent to Rs 26,176 per 10 grams as participants created fresh positions, after the precious metal rebounded from its lowest levels since August 2010 in the global market.

Besides, covering-up of short positions by speculators at prevailing levels, also influenced gold futures prices here.

At the Multi Commodity Exchange, metal for delivery in August gained Rs 40, or 0.15 per cent, to trade higher at Rs 26,176 per 10 gm in a turnover of 2,262 lots.

Similarly, the metal for delivery in far-month October edged higher by Rs 31, or 0.12 per cent, to Rs 26,483 per 10 gm, clocking a business volume of 57 lots.

Analysts attributed recovery in gold prices at futures trade to the precious metal's recovery in the global markets after plunging to a 34-month low yesterday's trade.

Further, covering-up of short positions by speculators also influenced prices, they said.

Globally, gold rose as much as 1.4 percent to USD 1,244.06 an ounce in Singapore today, after plunging to USD 1,222 yesterday.

PTI

From Zee News

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