Gold price retraces Rs 29,000 level in futures trade

Business

oi-Staff

By Super

Published: Tuesday, August 13, 2013, 11:42 [IST]

New Delhi: Gold again crossed Rs 29,000 per ten gram level in futures trade on Tuesday by rising 0.42 percent as speculators engaged in creating positions amid a firming trend overseas.

Besides, covering up of short positions by speculators and increased demand at spot markets ahead of festive season also influenced gold futures prices here, traders said.

At the Multi Commodity Exchange, metal prices for delivery in October gained Rs 122, or 0.42 percent, to trade above Rs 29,000 level at Rs 29,045 per ten gram in a turnover of 422 lots.

On the similar lines, the metal prices for delivery in far-month December edged up by Rs 111, or 0.39 percent, to Rs 28,903 per 10 gm, clocking a business volume of 21 lots.

In the national capital, gold prices went up by Rs 405 to Rs 29,260 per ten gram in yesterday's trade on the back of increased buying ahead of festivals like Rakshabandhan.

Analysts attributed gains in the precious metal at futures trade to a firm trend in the overseas markets where it climbed to this month's highest level and rising demand at domestic spot markets.

Globally, gold rose USD 22.60, or 1.72 percent, to trade at USD 1,337.30 an ounce in New York yesterday.

PTI