Gold futures up on short-covering

Gold prices rose by 0.41 per cent to Rs 27,880 per 10 gram in futures trade as speculators engaged covering-up their pending short positions even as metal weakened overseas.
At the Multi Commodity Exchange, gold for delivery in October was up by Rs 113, or 0.41 per cent, to Rs 27,880 per 10 gm in business turnover of 385 lots.
The metal for delivery in August contracts moved up by Rs 97, or 0.38 per cent, to Rs 27,731 per 10 gm in a turnover of 3,928 lots.
Analysts said the rise in the gold prices was at futures trade was supported by covering-up of positions by speculators but metal's weakness in global market, limited the gains.

Meanwhile, gold traded 0.10 per cent down at USD 1,292.54 an ounce in London.