New Delhi: Gold prices recovered by 0.44 per cent to Rs 27,880 per 10 gram in futures trade as participants created fresh positions in line with a firming trend overseas on speculation the biggest decline this year may spur demand.
At the Multi Commodity Exchange, gold for delivery in far-month October rose Rs 123, or 0.44 per cent, to Rs 27,880 per 10 gram in a business turnover of seven lots. The metal for delivery in the August moved up by Rs 113, or 0.41 per cent, to Rs 27,875 per 10 gm in a turnover of 238 lots.
Analysts said fresh positions created by participants taking a lead from the overseas markets on speculation the biggest decline this year may spur demand, mainly supported the upside in gold prices at futures trade here. Meanwhile, gold traded 0.20 per cent higher at USD 1,309.61 an ounce in Singapore
