Gold price retraces Rs 26,000-level in futures trade
New Delhi: Gold futures prices on Wednesday rose by 0.58 percent to Rs 26,056 per 10 grams as speculators enlarged positions, largely in tandem with a firming trend overseas.
Covering-up of short positions by speculators at prevailing levels also influenced gold futures prices here, traders said.
At the Multi Commodity Exchange, metal pirces for delivery in August gained Rs 149, or 0.58 percent, to trade higher at Rs 26,056 per 10 gm in a turnover of 1,047 lots.
Similarly, the metal prices for delivery in far-month October edged up by Rs 139, or 0.53 percent, to Rs 26,161 per 10 gm, clocking a business volume of 27 lots.
Analysts attributed gains in the precious metal at futures trade to a firm trend in the overseas markets as physical gold purchases continue to increase at lower prices.
Globally, gold rose as much as 0.22 percent to USD 1,245.10 an ounce in Singapore today.