Gold futures rebound on global cues, up 1.44%
Gold futures rebound on global cues, up 1.44%
Gold futures prices on Thursday recovered by 1.44 per cent to Rs. 26,478 per 10 grams 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 gold futures prices.
At the Multi Commodity Exchange, metal for delivery in August gained Rs. 375, or 1.44 per cent, to trade higher at Rs. 26,478 per 10 gm in a turnover of 679 lots.
Similarly, the metal for delivery in far-month October contracts spurted by Rs. 370, or 1.40 per cent, to Rs. 26,596 per 10 gm, clocking a business volume of 34 lots.
Analysts attributed rise in gold prices at futures trade to the precious metal’s recovery in the global markets where it climbed to 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, gold rose 2.4 per cent to USD 1,289.80 an ounce in Singapore on Thursday, the highest level since June 25.
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