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Gold futures recover on better global trend

Gold futures recover on better global trend
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First Published: Wed, Aug 20 2008. 12 39 PM IST
Updated: Wed, Aug 20 2008. 12 39 PM IST
PTI
New Delhi: Gold prices recovered by 2.26% in futures market on fresh buying by traders in line with firming trend in global markets.
The gold, which fell in previous day’s trading, gained substantial ground after the metal prices rose in overseas markets as crude oil rebounded to $115 a barrel.
The far-month February contract of the precious metal shot up by 2.26% at Rs11,945 per 10 grams on the Multi Commodity Exchange with a trading volume of four lots.
A likewise trend was also extended to the December contract which gained 0.59% at Rs11,841 per 10 grams. The contract recorded business volume of 91 lots. Near-month October contract was up by 0.66% at Rs11,740 with trading volume of, 2700 lots.
Traders said market sentiments turned better after reports that gold prices have advanced to near one week high in Asian market on the back of recovery trend in crude oil prices, which spurred buying interest for the precious metal as better investment.
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First Published: Wed, Aug 20 2008. 12 39 PM IST
More Topics: Futures | Gold | Commodities | MCX | Oil Prices |