Gold futures rebound on global cues; up 0.1%

Gold for delivery in far-month October edged higher by 0.12%

Gold futures prices today recovered by 0.15% to Rs 26,176 per 10 grams as participants created fresh positions, after the precious metal rebounded from its lowest levels since August 2010 in the global market.

Besides, covering-up of short positions by speculators at prevailing levels, also influenced gold futures prices here.

At the Multi Commodity Exchange, metal for delivery in August gained Rs 40, or 0.15%, to trade higher at Rs 26,176 per 10 gm in a turnover of 2,262 lots.

Similarly, gold for delivery in far-month October edged higher by Rs 31, or 0.12%, to Rs 26,483 per 10 gm, clocking a business volume of 57 lots.
 
Analysts attributed recovery in gold prices at futures trade to the precious metal's recovery in the global markets after plunging to a 34-month low yesterday's trade.

Further, covering-up of short positions by speculators also influenced prices, they said.

Globally, gold rose as much as 1.4% to $1,244.06 an ounce in Singapore today, after plunging to $1,222 yesterday.