Gold futures recover 0.14% on global cues

Wednesday, Oct 5, 2016,12:06 IST By metrovaartha A A A

New Delhi | After yesterday’s fall, gold prices rose 0.14 per cent to Rs 30,208 per 10 gram in futures trade as participants created fresh positions, tracking a firm trend overseas.

At the Multi Commodity Exchange, gold for delivery in February next year rose by Rs 41, or 0.14 per cent, to Rs 30,208 per 10 gram, in a business turnover of 14 lots.

In a similar fashion, gold for delivery in December was trading higher by Rs 33, or 0.11 per cent, at Rs 30,080 per 10 gram, clocking a business volume of 355 lots.

Analysts said fresh positions built up by traders in line with a firm global trend where gold strengthened, influenced the sentiment.

Globally, gold came back in positive zone by rising 0.45 per cent to USD 1,274.10 an ounce in Singapore.

The precious metal plunged the most in almost three years, falling below USD 1,300 an ounce for the first time since June amid mounting concern that an improving US economy will push the Federal Reserve to boost interest rates soon.

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