Gold extends gains, up 0.25 pc on global cues
Posted on: 12:15 PM IST Apr 23, 2013
New Delhi: Tracking a firming trend overseas as investors increased physical purchases, gold prices rose by 0.25 per cent to Rs 26,429 per 10 gram in futures trading on Tuesday.
Besides covering-up of short positions by speculators fearing further rise, firm demand in the domestic spot markets also influenced gold prices. At the Multi Commodity Exchange, metal for delivery in June contracts gained Rs 63, or 0.25 per cent, to trade higher at Rs 26,429 per 10 gm in a turnover of 1,725 lots.
Similarly, the metal for delivery in June contracts edged higher by Rs 64, or 0.24 per cent, to Rs 26,829 per 10 gm, clocking a business volume of 60 lots. At the spot markets, gold traded Rs 300 higher at Rs 27,400 per 10 gm in the national capital on Monday's trade. In the last three days prices have gone up by Rs 1,050.
Analysts said sustained rise in the global markets after investors increased physical purchases after recent plunge, supported the rise in gold prices at futures trade here.
Further, covering-up of short positions by speculators and rising demand at current levels in the domestic spot market also influenced prices, they said. Globally, gold climbed 0.30 per cent to USD 1,430.52 an ounce in Singapore on Tuesday.