Gold futures regain Rs 25,000-level on global cues

New Delhi-India (July 23)  Gold regained Rs 25,000 per kg level in futures trade as speculators indulged in covering-up of their short positions after the precious metal rebounded from in the global markets.

 At the Multi Commodity Exchange, gold for delivery in far-month October recaptured Rs 25,000 by recovering Rs 148, or 0.65% to trade at Rs 25,025 per 10 grams in a business turnover of 65 lots.

 Also, the precious metal rose by Rs 138, or 0.56% to Rs 24,815 per kg in 1,091 lots.

 Analysts said recovery in gold prices in the global market, where it rebounded as prices at the lowest in five years spurred demand, influenced gold prices at futures trade here.

 Besides, covering-up short positions by speculators too helped gold to trade in positive terrain, they said.

 The metal's rates advanced by 0.5% to $1,099.77 an ounce in Singapore.

 Meanwhile, the precious metal declined to $1,086.18 on Monday, the lowest since March 2010.

Source: Business-Standard