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Gold futures recover on better global trend

Gold prices recovered by Rs 25 or 0.13 per cent to Rs 18,702 per ten gram in futures market today on emergence of buying by traders, influenced by a firming global trend.

business Updated: Jun 11, 2010 14:32 IST

Gold prices recovered by Rs 25 or 0.13 per cent to Rs 18,702 per ten gram in futures market today on emergence of buying by traders, influenced by a firming global trend.

Trading sentiment turned better after gold gained for the first time in four days in global markets, as the recent decline encouraged some investors to buy the metal as a safe haven on concern that Europe’s fiscal crisis isn't over.

At the Multi Commodity Exchange, gold for October contract rose Rs 25, or 0.13 per cent to Rs 18,702 per ten gram, with an open interest of 1,644 lots.

Similarly, the metal for delivery in August contract moved up by Rs 22, or 0.12 per cent to Rs 18,621 per ten gram, with a business turnover of 18,997 lots.

Marketmen said fresh buying by traders in tandem with a firming global trend led to a rise in gold prices at futures trade.

Meanwhile, gold rose 0.4 per cent to USD 1,221.65 an ounce in the Asian region.