Gold prices recovered by Rs. 55 to Rs. 26,793 per 10 grams in futures trade on Tuesday as speculators enlarged their positions amid a firming trend overseas.
At the Multi Commodity Exchange, gold for delivery in October surged by Rs. 55, or 0.21 per cent, to Rs. 26,793 per 10 grams, with a business turnover of 331 lots. The metal had closed 3.26 per cent lower at Rs. 26,738 per 10 grams in the previous session.
Similarly, the metal for delivery in October rose by Rs. 48, or 0.18 per cent, to Rs. 27,050 per 10 grams, with a business turnover of 48 lots.
Market analysts attributed the rise in gold futures prices to a firming trend in global markets after the US Federal Reserve refrained from offering more stimulus measures to help economic growth, boosting the appeal of safe haven investments.
They said, however, the rising rupee value limited the gains, as it plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.
Meanwhile, gold climbed by $3.60 to $1,792.10 an ounce in early trade in the Asian region on Tuesday.
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