Gold price reclaims Rs 26,000-mark in futures trade
Zee Media Bureau
Gold prices reclaimed Rs 26,000 level by rising Rs 26 to Rs 26,008 per 10 gram in futures trade Tuesday as some of the market participants enlarged their positions amid a better trend overseas.
At the Multi Commodity Exchange (MCX), gold for delivery in October was up by Rs 57, or 0.22 percent, to Rs 26,133 per 10 gm in business turnover of 33 lots.
The metal for delivery in August contracts moved up by Rs 26, or 0.10 percent, to Rs 26,008 per 10 gm in a turnover of 509 lots.
Analysts said the rise in the gold prices was at futures trade was mostly in line with a firming trend overseas on speculation that price declines after a rally in equity markets may spur purchases.
Shiv Shrivastava, MD & CEO, IGuru Research opined gold prices may face an upward push and see a range of Rs 25,750- Rs 26,500 per ten grams in the coming week.
Gold in overseas markets, which normally set price trend on the domestic front, quoted up by USD 0.80 or 0.06 percent at USD 1,252.80 an ounce, after moving in range of USD 1,251.50- 1,257.30 per ounce.
Meanwhile, gold prices rose by Rs 85 to Rs 27,185 per ten gram at Delhi bullion market as buying activity picked up at prevailing level amidst a firming global trend.
Silver also traded higher by Rs 250 to Rs 41,000 per kg on increased offtake by industrial units.
With agency inputs