Gold futures marginally up on short-covering

August, October contracts both gain 0.18% as speculators cover up positions, but weak trends overseas cap gains

Gold prices recovered by Rs 54 to Rs 30,134 per 10 grams in futures trading today as speculators covered-up positions at prevailing levels even as metal weakened overseas.

At the Multi Commodity Exchange, gold for delivery in August rose by Rs 54, or 0.18%, to Rs 30,134 per 10 grams, with a business turnover of 1,401 lots.

October gold moved up by Rs 55, or 0.18%, to Rs 30,422 per 10 grams, with a business turnover of 88 lots.

Market analysts attributed the rise in gold futures to covering-up of short positions by speculators but weak trend overseas capped the gains.

 

Meanwhile, gold traded lower by 0.07% to $1,584.20 an ounce in Singapore.