Gold recovers by 2%, trading above Rs 26,000 per 10 grams

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Gold recovers by 2%, trading above Rs 26,000
Gold futures on MCX recovered on Tuesday, after registering three-day losses, following a similar trend in global markets.

At the Multi Commodity Exchange, gold for delivery in October opened at Rs 26,112 per 10 grams, and was trading in the range of Rs 26,201 – Rs 26,205 per 10 grams, up by 2% around 10:32 am IST.

Similarly, the metal for April contract delivery opened at Rs 27,142 per 10 grams, and was trading in the range of Rs 27,052 – Rs 27,112 per 10 grams, up by 1.64%.

On the domestic front, 24 carat gold price fell to Rs 26,010 per 10 grams and 22 carat gold declined to Rs 23,852 per 10 grams.

In the last three days, gold has experienced a sharp fall, the fall which was seen last in 2008.

It took a U-turn today and recovered a bit in morning trade on weak dollar.

Positive sentiments coming from Eurozone led to fall in dollar and boosted up demand for gold in commodity markets.

When dollar goes down, it makes inexpensive for the gold bugs to buy gold as gold is priced in dollar.

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Read more about: gold, mcx, europe, dollar
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