Gold & Silver

Gold surges 1% on global cues, spot demand

PTI New Delhi | Updated on March 13, 2018 Published on April 20, 2013

Physical demand in the spot market helped gold prices to recover in futures trade today.

Taking positive cues from the global market and rising physical demand in spot markets at the prevailing levels, gold continued its recovery, rising by nearly one per cent to Rs 26,069 per 10 gm in futures trade today.

Besides, covering-up by speculators who had created huge short positions, also helped gold to trade higher at futures trade.

At the Multi Commodity Exchange, the most-active delivery in June contracts traded Rs 265, or 0.99 per cent, higher at Rs 26,069 per 10 gm in a turnover of 5,506 lots.

Similarly, the metal for delivery in far-month August spurted by Rs 241, or 0.95 per cent to Rs 26,475 per 10 gm, clocking a business volume of 155 lots.

At the spot markets, gold traded Rs 250 higher at Rs 26,600 per 10 gm in the national Capital.

At the spot markets, gold reclaimed the Rs 27,000-level with prices rising by a whopping Rs 500 to trade at Rs 27,100 per 10 gm.

“Besides, rising physical demand at current levels, covering-up of short positions by speculators, helped gold prices to rise in futures trade here,” said an analyst.

Market analysts said recovery in the global markets as investors enlarged positions, taking advantage of the biggest plunge in prices in three decades, helped gold futures to extend its recovery move at futures trade.

Further, rising demand at current levels in the domestic spot market also influenced prices, they said.

Globally, gold climbed 1.4 per cent to $1,412.40 an ounce on the Comex in New York in yesterday’s trade.

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Published on April 20, 2013
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