Gold & Silver

Gold futures recover to Rs 30,320 per 10 gm

PTI New Delhi | Updated on March 12, 2018

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Gold futures prices recovered 0.49 per cent to Rs 30,320 per 10 gram today as speculators enlarged their positions, driven by a firm trend overseas as the dollar weakened and lower prices spurred demand in China.

Besides, covering-up of pending short positions by speculators too supported the recovery.

On the Multi Commodity Exchange, gold for delivery in December traded higher by Rs 249 or 0.49 per cent at Rs 30,320 per 10 gram in a business turnover of 643 lots.

Similarly, the metal for delivery in far-month February contracts moved up by Rs 109 or 0.37 per cent to Rs 29,430 per 10 gram in a turnover of 89 lots.

Market analysts said a firm trend in the global market, where gold rebounded from a four-month low as the dollar weakened and lower prices spurred demand in China, the second-largest consumer, helped the precious metal to trade higher at the futures trade here.

Covering-up of short positions by participants too influenced gold futures prices, they said.

Meanwhile, the yellow metal rose 0.6 per cent to $1,258.30 an ounce in Singapore, the highest level since November 20.

Published on November 26, 2013

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