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HindustanTimes Fri,19 Sep 2014

Gold futures up 0.31% on short-covering, weak rupee

PTI  New Delhi, August 06, 2013
First Published: 15:24 IST(6/8/2013) | Last Updated: 15:34 IST(6/8/2013)

Gold futures prices on Tuesday rose by 0.31% to Rs. 27,821 per 10 grams as speculators covered-up their short positions even as metal weakened overseas.

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Weakening rupee also influenced gold prices at futures trade.

At the Multi Commodity Exchange, metal prices for delivery in December gained Rs. 86, or 0.31%, to trade higher at Rs. 27,821 per 10 gm in a turnover of 325 lots.

Similarly, the metal prices for delivery in October edged up by Rs. 53, or 0.19%, to Rs. 27,909 per 10 gm, clocking a business volume of 6,177 lots.

Analysts attributed gains in the precious metal at futures trade to covering-up of short positions by speculators even as metal showed weakness in the global market.

Besides, weakening rupee dropped to an all-time low of Rs. 61.51 against the dollar, which made imports costlier, also influenced gold prices.

Globally, gold fell $11.70, or 0.90%, to $1,292.10 an ounce in Singapore.


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