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This is an archive article published on September 17, 2013

Gold futures price rebound on global cues,up 0.23 pct

Gold futures prices today recovered by 0.23 per cent to Rs 29,704 per 10 grams as participants created speculative positions on firming trend overseas ahead of the US Federal Reserve policy meeting.

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Gold futures prices today recovered by 0.23 per cent to Rs 29,704 per 10 grams as participants created speculative positions on firming trend overseas ahead of the US Federal Reserve policy meeting.

At the Multi Commodity Exchange,metal for delivery in December gained Rs 69,or 0.23 per cent,to trade higher at Rs 29,704 per 10 gm in a turnover of 61 lots.

Similarly,the metal for delivery in October rose by Rs 54 or 0.18 per cent,to Rs 29,841 per 10 gm,clocking a business volume of 1,095 lots.

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Analysts attributed the rise in gold prices at futures trade to the precious metal’s gains in the global markets on speculation that policy makers will be less inclined to curb stimulus after former Treasury Secretary Lawrence Summers withdrew his bid to head the Federal Reserve.

The Federal Reserve begins a two-day policy meeting today at which it is forecast to reduce the pace of its US bond buying.

Globally,gold rose 0.20 per cent to USD 1,315.53 an ounce in Singapore today.

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