NEW DELHI: Gold futures prices recovered by Rs 34 to Rs 16,590 per ten gram on Wednesday on fresh buying by traders influenced by a firming global trend.
Trading sentiment turned positive as gold gained in the overseas markets on speculation that the Federal Reserve will keep its benchmark interest rate at a record low to safeguard economic recovery, thus spurring demand for bullion as an alternative investment.
Gold rose by 0.4 per cent to USD 1,138.55 an ounce in Seoul.
At the Multi Commodity Exchange counter, gold for June contract recovered by Rs 34, or 0.21 per cent, to Rs 16,590 per ten gram with an open interest of 14,367 lots.
The metal for delivery in August too traded higher by Rs 32, or 0.19 per cent to Rs 16,677 per ten gram in 884 lots.
Marketmen attributed the fresh recovery in gold prices at futures market to firming global trend and fresh buying by traders.
