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Gold prices recovered 0.25 per cent to Rs 29,778 per 10 grams at the futures trade today as speculators covered short positions even as the precious metal remained weak overseas.
On the Multi Commodity Exchange, gold for delivery in December recovered by Rs 73 or 0.25 per cent to Rs 29,778 per 10 gram in a business turnover of 1,106 lots.
Similarly, the metal for delivery in far-month February moved up by Rs 50 or 0.17 per cent to Rs 29,479 per 10 gm in a turnover of 54 lots.
Analysts said covering-up of short positions by speculators was mainly responsible for recovery in gold prices at the futures trade. But the metal’s weakness overseas after strong US jobs data, boosted speculation that the Federal Reserve will begin scaling back stimulus, limited the gains.
Meanwhile, gold dropped 0.4 per cent to $1,283.28 an ounce in Singapore.
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