Gold futures rebounds on festival buying

Gold prices rebounded on the Multi Commodity Exchange (MCX) today by adding 0.27 per cent as speculators indulged in creating fresh positions to meet the festive demand.     

On the MCX counter, gold for October contract recovered by 0.24 per cent to Rs 14,777 per 10 grams with an open interest of 14,091 lots. It had lost 0.14 per cent in yesterday's trading.     

The metal for delivery in December contract also moved up by 0.27 per cent to Rs 14,784 per 10 grams, clocking an open interest of 849 lots.     

The recovery trend in gold prices mostly attributed to as speculators indulged in creating fresh positions to meet the festive demand, traders said.