Gold futures prices recover on short-covering

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Meanwhile, gold dropped by 0.40 per cent to $1,283.28 an ounce in Singapore. (AP) Meanwhile, gold dropped by 0.40 per cent to $1,283.28 an ounce in Singapore. (AP)
SummaryGold for delivery in December recovered by Rs 73 to Rs 29,778 per 10 gms.

Gold futures prices recovered by 0.25 per cent to Rs 29,778 per 10 grams in futures trade today as speculators covered short positions even as precious metal remained weak overseas.

At the Multi Commodity Exchange, gold for delivery in December recovered by Rs 73, or 0.25 per cent, to Rs 29,778 per 10 gram in business turnover of 1,106 lots.

The metal for delivery in far-month February moved up by Rs 50, or 0.17 per cent, to Rs 29,479 per 10 gm in a turnover of 54 lots.

Analysts said covering-up of short positions by speculators were mainly responsible for recovery in gold prices at futures trade but metal's weakness overseas after strong US jobs data, boosted speculation the Federal Reserve will begin scaling back stimulus, limited the gains.

Meanwhile, gold dropped by 0.40 per cent to USD 1,283.28 an ounce in Singapore.

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