Gold futures recover on global cues

Business

oi-Sneha

By Sneha B K

Published: Tuesday, May 21, 2013, 13:55 [IST]

Gold prices recovered by Rs 70, or 0.27 percent to Rs 26,274 per 10 grams in futures trade as speculators created fresh positions taking positive cues from the global market.

At the Multi Commodity Exchange, gold for delivery in far-month August by Rs 70, or 0.27 percent, to Rs 26,274 per 10 gram in business turnover of 98 lots.

The metal for delivery in the June moved up by Rs 69, or 0.26 percent, to Rs 26,157 per 10 gm in a turnover of 738 lots.

Analysts said a firming trend in global market after Moody?s Investors Service said that the US may face a credit downgrade, mainly influenced gold prices at futures trade here.

Meanwhile, gold rose by 2.49 percent to USD 1,394.10 an ounce in New York in yesterday.

PTI