Gold price futures rebound on global cues; up 0.66 pct

PTI Posted online: Wednesday, Mar 12, 2014 at 0000 hrs
New Delhi : Gold futures recovered by 0.66 per cent to Rs 30,447 per 10 grams today as speculators created fresh positions as tensions in Ukraine have escalated, raising demand for safe-haven.

Besides, covering-up of short positions by speculators at prevailing levels also influenced gold futures prices here.

At the Multi Commodity Exchange, metal for delivery in April gained Rs 200, or 1.32 per cent, to trade higher at Rs 30,447 per 10 grams in a turnover of 633 lots.

Similarly, the metal for delivery in June spurted by Rs 172, or 0.58 per cent, to Rs 29,757 per 10 grams, clocking a business volume of 47 lots.

Analysts attributed the rise in gold prices at futures trade to the precious metal's recovery in the global markets where it climbed to a 19-week high as speculations that China's growth is faltering, hurt equities.

Globally, gold rose 0.8 per cent to USD 1,359.83 an ounce in Singapore today, the highest level since October 29.