Gold futures recovers on firm global cues

Gold futures prices rose by 0.41%t to Rs 21,510 per 10 grams today, taking positive cues from global market.

Covering up of short positions by speculators also supported the upside in gold prices at futures trade here.

At the Multi Commodity Exchange, the yellow metal for delivery in August rose by Rs 87, or 0.41%t, to Rs 21,510 per 10 grams, with a business turnover of two lots.

Likewise, the metal for delivery in April gained Rs 53, or 0.25%t, to Rs 20,889 per 10 grams, with a business volume of five lots.

Analysts said gold prices recovered in global market, after recording biggest slump in six weeks yesterday, as concerns about unrest in the Middle East and northern Africa spurred demand for precious metals as a haven.

Meanwhile, in Asian trade gold gained 0.40%t to $1,416.75 an ounce.

Yesterday, the precious metal's price tumbled 1.3%t, the biggest loss since January 27, as a stronger dollar prompted some investors to sell the metal after prices rose to a record $1,444.95 on March 7.