Gold Futures Up on Short Covering

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Gold Futures Up on Short Covering
Gold futures were seen trading higher on Monday as traders tried to cover up their short positions.

Gold rallied on Friday after China's Central Bank's unexpectedly cut interest rates. While, European Central Bank President Mario Dragi's statement to continue stimulus program also boosted gold sentiment.

The Stimulus program tends to help gold as it is consider as safe haven during times of uncertainty and consider hedge against inflation.

In India, gold futures for December delivery on the Multi Commodity Exchange was seen trading at Rs 26,473 higher by Rs 81 or 0.31% at 3.00 pm IST.

Spot gold was steady near $1,200.20 an ounce, after hitting three week high at $1,207 an ounce.

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Read more about: gold, futures
Story first published: Monday, November 24, 2014, 15:16 [IST]
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