Gold extends gains, up 0.70% on global cues

Gold, continuing its rising streak for yet another session, rose by 0.70% to Rs 26,641 per 10 gm in futures trade today as participants engaged in enlarging their positions mostly supported by a firming trend overseas after the recent plunge boosted physical demand for the precious metal. Besides, covering-up of short positions by speculators on fears of further rise in the prices, also supported the upside.
At the Multi Commodity Exchange, the August contract gained Rs 184, or 0.70%, to trade higher at Rs 26,641 per 10 gm in a turnover of 24 lots. The June contract moved up by Rs 175, or 0.67%, to Rs 26,222 per 10 gm, clocking a business volume of 1,190 lots. At the spot markets, gold traded Rs 250 higher at Rs 26,600 per 10 gm in the national capital.
At the spot markets, gold regained Rs 27,000 level with prices rising by a whopping Rs 500 to trade at Rs 27,100 per 10 gm on Saturday.Analysts said sustained rise in the global markets as the biggest plunge in prices in three decades boosted physical purchases and supported the rise in gold prices at futures trade here.Besides, rising demand at current levels in the domestic spot market also influenced prices, they said. Globally, gold climbed for the fifth straight day, its longest rally this year, rising 1.4% to $1,423.10 an ounce in Singapore today.
Source: Business-Standard.
Source: Bullion Bulletin

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