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Gold futures recover on overseas trend

Supported by a rebound in overseas markets, gold futures prices rose by 0.12 percent to Rs 27,999 per 10 grams on Thursday, as speculators created fresh positions after falling over 3 percent in yesterday's trade.



New Delhi: Supported by a rebound in overseas markets, gold futures prices rose by 0.12 percent to Rs 27,999 per 10 grams on Thursday, as speculators created fresh positions after falling over 3 percent in yesterday's trade.

At the Multi Commodity Exchange, gold for delivery in most-active, April contract recovered by Rs 47, or 0.12 percent, to Rs 27,999 per 10 grams, with a business turnover of 2,256 lots. The contract had ended 3.2 percent lower at Rs 27,952 per 10 grams in yesterday's trade.

In a similar fashion, the metal for delivery in June moved up by Rs 36, or 0.11 percent to Rs 28,377 per 10 grams, with a trade volume of 98 lots.

Analysts attributed the recovery to a rebound in overseas markets as investors bought the metal after it fell to the lowest level in more than a month.

Gold rose by 1.4 percent USD 1,720.47 an ounce in Singapore in early trade today.

The metal lost 4.9 percent yesterday in the biggest one-day slump since December 1, 2008 after the Federal Reserve chairman gave no signal that the US central bank will take new steps to bolster the economy.

PTI

From Zee News

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