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Buoyed by partial recovery in global markets and covering of short positions at prevailing levels by speculators, gold rose by over 2 per cent to Rs 26,251 per ten gram in futures trade today.
At the Multi Commodity Exchange, gold for delivery in October moved up Rs 564 or 2.20 per cent to Rs 26,251 per 10 grams, with a trading volume of 2,436 lots. It closed 2.03 per cent lower at Rs 26,716 per ten grams after hitting a low of Rs 26,293 in yesterday’s trade, a level last seen on August 8.
The precious metal for December contract delivery also rose by Rs 555 or 2.13 per cent to Rs 26,003 per 10 grams, with a turnover of 557 lots.
Market analysts attributed the rise in gold futures prices to a comeback in its prices overseas, as a weaker dollar buoyed dollar-denominated commodities.
Also, covering-up of short positions at prevailing levels also supported the recovery at futures trade here, they said.
Meanwhile, spot gold prices rose by one per cent to $1,644.29 an ounce in the Asian region today, rebounding from an over 7-month low of $1,530 hit in yesterday’s trade.
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