Gold futures rise on spot demand, short-covering

New Delhi-India (Nov 13)  Gold futures recovered by 0.27 per cent to Rs. 25,857 per 10 grams today as speculators covered-up their short positions at prevailing levels amid pick-up in demand in the spot market.

At the Multi Commodity Exchange, gold for delivery in December rose Rs. 69 or 0.27 per cent to Rs. 25,857 per 10 grams with a business turnover of 609 lots.

In a similar fashion, the metal for delivery in February next year moved up by Rs. 42 or 0.16 per cent to Rs. 26,012 per 10 grams with a trade volume of 7 lots.

Market analysts said the rise in gold futures was mainly due to covering-up of short positions by speculators at prevailing levels and a firm trend at the spot market on the back of pick-up in demand but a weak trend overseas, capped the gains.

Meanwhile, gold fell as much as 0.4 per cent to $1,157.54 an ounce in Singapore today.

Source: TheHindu