Supported by a rebound in overseas markets, gold futures prices rose 0.12 per cent to Rs 27,999 per 10 grams today, as speculators created fresh positions after falling over 3 per cent yesterday.
At the Multi Commodity Exchange, gold for delivery in most-active, April contract recovered by Rs 47 or 0.12 per cent to Rs 27,999 per 10 grams with a business turnover of 2,256 lots. The contract had ended 3.2 per cent lower at Rs 27,952 per 10 grams yesterday.
In a similar fashion, the metal for delivery in June moved up by Rs 36 or 0.11 per cent to Rs 28,377 per 10 grams with a trade volume of 98 lots.
Analysts attributed the recovery to a rebound in overseas markets as investors bought the metal after it fell to the lowest level in more than a month. Gold rose 1.4 per cent $1,720.47 an ounce in Singapore in early trade today.
The metal lost 4.9 per cent yesterday in the biggest one-day slump since December 1, 2008 after the Federal Reserve Chairman gave no signal that the US central bank will take new steps to bolster the economy.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.