Supported by a rebound in overseas markets, gold futures prices rose by 0.12% to Rs 27,999 per 10 grams today, as speculators created fresh positions after falling over 3% in yesterday's trade.
At the Multi Commodity Exchange, the April contract recovered by Rs 47, or 0.12%, to Rs 27,999 per 10 grams, with a business turnover of 2,256 lots. The contract had ended 3.2% lower at Rs 27,952 per 10 grams in yesterday's trade.
The June contract moved up by Rs 36, or 0.11% to Rs 28,377 per 10 grams, with a trade volume of 98 lots.
Analysts attributed the recovery to a rebound in overseas markets as investors bought the metal after it fell to the lowest level in more than a month.
Gold rose by 1.4% to $1,720.47 an ounce in Singapore in early trade today.
The metal lost 4.9% yesterday in the biggest one-day slump since December 1, 2008 after the Federal Reserve chairman gave no signal that the US central bank will take new steps to bolster the economy.
