 "Gold futures recover by 0.2% on short-covering")
Gold prices recovered by 0.25% to Rs 29,778 per 10 grams in futures trade today as speculators covered short positions even as precious metal remained weak overseas.
At the Multi Commodity Exchange, gold for delivery in December recovered by Rs 73, or 0.25%, to Rs 29,778 per 10 gram in business turnover of 1,106 lots.
The metal for delivery in far-month February moved up by Rs 50, or 0.17%, to Rs 29,479 per 10 gm in a turnover of 54 lots.
Meanwhile, gold dropped by 0.40% to $1,283.28 an ounce in Singapore.
At the Multi Commodity Exchange, gold for delivery in December recovered by Rs 73, or 0.25%, to Rs 29,778 per 10 gram in business turnover of 1,106 lots.
The metal for delivery in far-month February moved up by Rs 50, or 0.17%, to Rs 29,479 per 10 gm in a turnover of 54 lots.
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Analysts said covering-up of short positions by speculators were mainly responsible for recovery in gold prices at futures trade but metal's weakness overseas after strong US jobs data, boosted speculation the Federal Reserve will begin scaling back stimulus, limited the gains.
Meanwhile, gold dropped by 0.40% to $1,283.28 an ounce in Singapore.