Gold prices recovered by Rs 55 to Rs 26,793 per 10 grams in futures trade today as speculators enlarged their positions amid a firming trend overseas. At the Multi Commodity Exchange, gold for delivery in October surged by Rs 55, or 0.21%, to Rs 26,793 per 10 grams, with a business turnover of 331 lots.
The metal had closed 3.26% lower at Rs 26,738 per 10 grams in the previous session. Similarly, the metal for delivery in October rose by Rs 48, or 0.18%, to Rs 27,050 per 10 grams, with a business turnover of 48 lots.
Market analysts attributed the rise in gold futures prices to a firming trend in global markets after the US Federal Reserve refrained from offering more stimulus measures to help economic growth, boosting the appeal of safe haven investments.
They said, however, the rising rupee value limited the gains, as it plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars. Meanwhile, gold climbed by USD 3.60 to USD 1,792.10 an
ounce in early trade in the Asian region today.
