Gold futures prices recovered by 1.44 per cent to Rs 26,478 per 10 grams today as speculators created fresh positions on positive global cues after Federal Reserve Chairman Ben S. Bernanke backed sustained stimulus for some time.
Besides, covering-up of short positions by speculators at prevailing levels, also influenced the gold futures prices here.
On the Multi Commodity Exchange, the metal for delivery in August gained Rs 375 or 1.44 per cent to trade at Rs 26,478 per 10 gm in a turnover of 679 lots.
Similarly, the metal for delivery in far-month October spurted by Rs 370 or 1.4 per cent to Rs 26,596 per 10 gm clocking a business volume of 34 lots.
Analysts attributed the rise in gold prices at the futures trade to the precious metal’s recovery in the global market, where the metal climbed to an over two-week high after US Federal Reserve Chairman said its huge stimulus programme would stay in place for some time.
Further, covering-up of short positions by speculators also influenced prices, they said.
Globally, the yellow metal rose 2.4 per cent to $1,289.80 an ounce in Singapore today, the highest level since June 25.