Gold & Silver

Gold futures rises to Rs 28,595 on global cues, short-covering

PTI New Delhi | Updated on November 22, 2011 Published on November 22, 2011

Gold futures prices staged a comeback to trade 0.52 per cent higher at Rs 28,595 per 10 grams today, tracking a rebound in global markets.

At the Multi Commodity Exchange, gold for delivery in December shot up by Rs 149 or 0.52 per cent to Rs 28,595 per 10 grams with a business turnover of 4,650 lots.

Similarly, the metal for delivery in far-month February rose Rs 129 or 0.45 per cent to Rs 28,915 per 10 grams with a trade volume of 501 lots.

Market analysts attributed the recovery in gold futures to a firming trend overseas, where the precious metal recovered from a three-week low. Covering-up of short positions at prevailing levels also helped the yellow metal to trade higher, they said.

Meanwhile, spot gold prices recovered 0.39 per cent to $1,685.10 an ounce in the Asian region in early trade today.

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Published on November 22, 2011
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