Gold rebounds in futures trade, manages to regain 26K-level
Zee Media Bureau
New Delhi: After hitting over 21-month low, gold prices rose over 1 percent to regain Rs 26,000-level in futures trade Tuesday as speculators covered their short positions after it recovered partially in the global market.
At the Multi Commodity Exchange, the most-active delivery in June contracts closed Rs 156, or 0.61 percent higher at Rs 25,790 per ten gram after touching a low of Rs 25,270 in early trade, a level last seen in August 2011. During intra-day trade it touched a high of Rs 26,131 per 10 gm, up over 1 percent from its previous close.
Market analysts said recovery in the global markets, as investors feel the fall was overdone and covering-up of short positions by speculators at prevailing levels, helped gold recover from 21-month low at futures trade here.
Globally, gold recovered by USD 29.80, or 2.20 percent to USD 1,382.40 per ounce in London.
With Agency Inputs