Gold trades marginally higher on short-covering

Snapping a two-day losing streak, gold futures regained strength and trade marginally higher by 0.21 per cent on the Multi Commodity Exchange(MCX) today on short-covering by speculators, influenced by higher demand in the spot market at existing lower levels.

Gold  for the most active far-month October contract gained 0.21 per cent to Rs 14,437 per 10 gram on the MCX counter at 1230 hours with an open interest of 967 lots.

Similarly, the metal for delivery in August contract inched up by 0.15 per cent to Rs 14,425 per 10 gram with an open interest of 15,251 lots.

Marketmen said short-covering by speculators due to pick up in demand in the spot market at existing lower levels mainly led to rise in gold prices at futures market here.