Gold futures rebound on global cues

Last Updated: Wednesday, March 12, 2014 - 12:06

New Delhi: Gold futures recovered by 0.66 percent to Rs 30,447 per 10 grams Wednesday as speculators created fresh positions as tensions in Ukraine have escalated, raising demand for safe-haven.

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 April gained Rs 200, or 1.32 percent, to trade higher at Rs 30,447 per 10 grams in a turnover of 633 lots.

Similarly, the metal for delivery in June spurted by Rs 172, or 0.58 percent, to Rs 29,757 per 10 grams, clocking a business volume of 47 lots.

Analysts attributed the rise in gold prices at futures trade to the precious metal's recovery in the global markets where it climbed to a 19-week high as speculations that China's growth is faltering, hurt equities.

Globally, gold rose 0.8 percent to USD 1,359.83 an ounce in Singapore today, the highest level since October 29.

First Published: Wednesday, March 12, 2014 - 11:25
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