For Quick Alerts
For Daily Alerts

Gold price retraces Rs 29,000 level in futures trade

By Super

Gold price retraces Rs 29,000 level in futures trade
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.


Read more about: gold gold futures
Story first published: Tuesday, August 13, 2013, 11:42 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more