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Gold futures marginally up on short-covering

August, October contracts both gain 0.18% as speculators cover up positions, but weak trends overseas cap gains

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Press Trust of India New Delhi
Last Updated : Jan 24 2013 | 1:49 AM IST

Gold prices recovered by Rs 54 to Rs 30,134 per 10 grams in futures trading today as speculators covered-up positions at prevailing levels even as metal weakened overseas.

At the Multi Commodity Exchange, gold for delivery in August rose by Rs 54, or 0.18%, to Rs 30,134 per 10 grams, with a business turnover of 1,401 lots.

October gold moved up by Rs 55, or 0.18%, to Rs 30,422 per 10 grams, with a business turnover of 88 lots.

Market analysts attributed the rise in gold futures to covering-up of short positions by speculators but weak trend overseas capped the gains.

Meanwhile, gold traded lower by 0.07% to $1,584.20 an ounce in Singapore.

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First Published: Jun 26 2012 | 2:06 PM IST

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