Gold futures rebound on short-covering

Futures gold

Gold prices recovered by 0.49 per cent to Rs 31,047 per 10 grams in futures trade today as speculators preferred to cover-up their short positions even as metal remained weak in the overseas markets.

At the Multi Commodity Exchange, gold for delivery in April moved up by Rs 152, or 0.49 per cent, to trade at Rs 31,047 per 10 grams, with a turnover of 122 lots. Similarly, gold for February delivery gained Rs 137, or 0.45 per cent, to Rs 30,619 per 10 grams, with a business volume of 2,509 lots.

Marketmen said gains in gold prices at futures trade was mostly supported by covering-up of short positions by speculators but a weak trend in the precious metal overseas, capped the gains.

Globally, gold fell by 0.70 per cent to USD 1,635.70 an ounce in early trade in Singapore, the lowest level since August 22.

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