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

PTI | By, New Delhi
Aug 06, 2013 03:34 PM IST

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

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.

Weakening rupee also influenced gold prices at futures trade.

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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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