Reversing early weak trend, gold prices rebounded by 1.56 per cent to Rs 29,401 per ten gram at the futures trade today as speculators indulged in creating fresh positions, tracking a firm global trend.

On the Multi Commodity Exchange, gold for delivery in December recovered by Rs 453 or 1.56 per cent to Rs 29,401 per ten gram in a business turnover of 11,722 lots.

In a similar fashion, the yellow metal for delivery in far-month February moved up by Rs 433 or 1.51 per cent to Rs 29,101 per ten gram in 260 lots.

Market analysts said fresh positions built-up by speculators on the back of a firm global trend mainly led to a recovery in gold futures.

Meanwhile, gold jumped 0.8 per cent to $1,292.44 an ounce in London.

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