Gold futures recover on firm global cues

PTI New Delhi | Updated on March 11, 2011

Gold futures prices rose by 0.41 per cent to Rs 21,510 per 10 grams today taking positive cues from the global market.

Covering up of short positions by speculators also supported the upside in prices at futures trade here. At the Multi Commodity Exchange, the yellow metal for delivery in August rose by Rs 87 or 0.41 per cent to Rs 21,510 per 10 grams, with a business turnover of two lots.

Likewise, the metal for delivery in April gained Rs 53 or 0.25 per cent to Rs 20,889 per 10 grams, with a business volume of five lots.

Analysts said gold prices recovered in the global market, after recording biggest slump in six weeks yesterday, as concerns about unrest in West Asia and northern Africa spurred demand for the precious metals as a haven.

Meanwhile, in Asian trade gold gained 0.40 per cent to $1,416.75 an ounce. Yesterday, the precious metal’s price tumbled 1.3 per cent, the biggest loss since January 27, as a stronger dollar prompted some investors to sell the metal after prices rose to a record $1,444.95 on March 7.

Published on March 11, 2011

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