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Gold futures prices rose 0.86 per cent to Rs 28,590 per 10 grams today as speculators enlarged positions, largely in tune with a firm overseas trend.
According to traders, covering-up of short positions by speculators at the prevailing levels also influenced the futures prices here.
On the Multi Commodity Exchange, the metal prices for delivery in far-month October gained Rs 245 or 0.86 per cent to trade higher at Rs 28,590 per 10 gm in a turnover of 1,615 lots.
Similarly, the metal prices for delivery in August edged up by Rs 210 or 0.73 per cent to Rs 28,915 per 10 gm clocking a business volume of 1,997 lots.
Analysts attributed the gains in the precious metal at the futures trade to a firm trend in the overseas markets as investors awaited the conclusion of US Federal Reserve policymakers’ meeting today for signals on whether the Fed may start reducing its unprecedented stimulus programme in the coming months.
Globally, gold rose as much as one per cent to trade at $1,339.74 an ounce in Singapore.
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