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

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.

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.