Gold moves up in futures trade on short-covering
New Delhi: Gold prices rose by 0.77 percent to Rs 28,087 per ten grams in futures trade today as speculators covered their short positions even as it weakened overseas.
At the Multi Commodity Exchange, gold for delivery in far-month October rose by Rs 215, or 0.77 percent to Rs 28,087 per ten grams in business turnover of 7,934 lots.
Similarly, the yellow metal for delivery in August contracts moved up by Rs 116, or 0.41 percent to Rs 28,393 per ten grams in 12,337 lots.
Market analysts said covering-up of short positions by speculators helped gold to trade higher at futures trade but metal's weakness in the global market, limited the rise.
Globally, gold fell by 0.24 percent to USD 1,324.00 an ounce in London in early trade today.