Gold futures prices recovered by 0.15 per cent to Rs 26,176 per 10 grams today as participants created fresh positions, after the precious metal rebounded from its lowest levels since August 2010 in the global market.
Besides, covering-up of short positions by speculators at prevailing levels, also influenced the futures trade here.
On the Multi Commodity Exchange, the yellow metal for delivery in August gained Rs 40 or 0.15 per cent to Rs 26,176 per 10 gm in a turnover of 2,262 lots.
Similarly, the metal for delivery in far-month October edged higher by Rs 31 or 0.12 per cent to Rs 26,483 per 10 gm clocking a business volume of 57 lots.
Analysts attributed the recovery in futures trade to the precious metal’s recovery in the global market after plunging to a 34-month low yesterday. Further, covering-up of short positions by speculators also influenced the prices, they said.
Globally, gold rose as much as 1.4 per cent to $1,244.06 an ounce in Singapore today, after plunging to $1,222 yesterday.