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| Gold rebounds in futures trade on global cues |
| Press Trust of India / New Delhi Jul 29, 2010, 16:20 IST |
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Gold staged a comeback to trade Rs 46, or 0.26 per cent higher, at Rs 17,984 per ten gram in futures trade today after speculators created fresh positions at prevailing levels.
At the Multi Commodity Exchange counter, gold for delivery in December contract traded Rs 46, or 0.26 per cent, higher at Rs 17,984 per ten gram, with a turnover of 102 lots.
Likewise, the metal for delivery in October also moved up by Rs 41, or 0.23 per cent, to Rs 17,895 per ten gram, with a business volume of 1,939 lots.
Gold for delivery in August contract also rose by Rs 34, or 0.19 per cent higher, at RS 17,806 per ten gram, with a turnover of 9,518 lots.
Analysts attributed recovery in gold prices in futures trade to a firming trend overseas on weakening dollar against basket of currencies, raising appeal for the precious metal.
"Apart from recovery in global markets, better trend at the physical markets on pick up in demand at prevailing levels, also helped gold to trade higher," said Rakesh Anand an analyst.
Meanwhile, gold gained $3.40, or 0.29 per cent to $1,166.70 an ounce in Asian region.
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