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Gold futures recover on firm global trend

Gold futures recover on firm global trend
PTI
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First Published: Thu, May 21 2009. 11 38 AM IST
Updated: Thu, May 21 2009. 11 38 AM IST
New Delhi: Snapping a 4-day losing streak, gold prices on Thursday recovered by 0.54% on the Multi Commodity Exchange on fresh buying by speculators influenced by better global trend.
Firming trend in Asian region where gold prices traded higher at $938.50 an ounce (28.34 gram) against last close $928 supported the uptrend.
Gold for the most active August contract recovered by 0.54% to Rs14,408 per 10 grams at 11:15am on the MCX counters with trading of 228 lots.
Similarly, the metal for delivery in June contract gained 0.52% to Rs14,408 per 10 gram in a trading volume of 2,558 lots.
Marketmen said fresh buying by speculators amid firming global trend mainly led to recovery in gold prices at the futures market.
They said weakening US currency against rupee and surging crude left no other option for speculators but to invest in gold.
Some funds shifted from easing equities to bullion was another boosting factor for the gold, they added.
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First Published: Thu, May 21 2009. 11 38 AM IST
More Topics: Gold | Bullion | Commodity | Futures | Money Matters |