Gold futures up on short-covering
Participants covered-up their short positions even as the metal dropped from three-week high in global markets
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Gold rose 0.37% to Rs 26,870 per 10 grams in futures trade today as participants covered-up their short positions even as the metal dropped from three-week high in global markets.
At the Multi Commodity Exchange, the metal for delivery in December gained Rs 97, or 0.37%, to trade at Rs 26,488 per 10 grams in a turnover of 492 lots.
Similarly, the metal for delivery in February next year moved up by Rs 99, or 0.37%, to Rs 26,870 per 10 grams, clocking a business volume of 64 lots.
Analysts said the rise in gold prices at futures trade was mostly due to covering-up of short positions by speculators even as the precious metal slipped from three-week high in global markets.
Globally, gold traded lower at $1,200.28 an ounce in Singapore today, from $1,201.55 on November 21.
At the Multi Commodity Exchange, the metal for delivery in December gained Rs 97, or 0.37%, to trade at Rs 26,488 per 10 grams in a turnover of 492 lots.
Similarly, the metal for delivery in February next year moved up by Rs 99, or 0.37%, to Rs 26,870 per 10 grams, clocking a business volume of 64 lots.
Analysts said the rise in gold prices at futures trade was mostly due to covering-up of short positions by speculators even as the precious metal slipped from three-week high in global markets.
Globally, gold traded lower at $1,200.28 an ounce in Singapore today, from $1,201.55 on November 21.
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First Published: Nov 24 2014 | 11:11 AM IST