Gold reverses early weak trend, up 1.5%

Market analysts said speculators built up fresh positions on the back of a firm global trend which led to recovery move in gold prices

Reversing early weak trend, gold prices rebounded by 1.56% to Rs 29,401 per ten gram in futures trade today as speculators indulged in creating fresh positions, tracking a firm global trend.

At the Multi Commodity Exchange, gold for delivery in December month recovered by Rs 453, or 1.56%, to Rs 29,401 per ten gram in business turnover of 11,722 lots.

In a similar fashion, the yellow metal for delivery in far-month February moved up by Rs 433, or 1.51%, to Rs 29,101 per ten gram in 260 lots.

Market analysts said speculators built up fresh positions on the back of a firm global trend mainly led an recovery move in gold prices in futures trade.

Meanwhile, gold jumped 0.8% to 1,292.44 dollar an ounce in London.