Gold futures recover on firm Asian cues

Gold prices recovered by Rs 136 to Rs 28,098 per 10 gm in futures trading today, as speculators created fresh positions after the precious metal rebounded in global markets.

At the Multi Commodity Exchange, gold for delivery in June rose by Rs 136, or 0.49 per cent, to Rs 28,098 per 10 gm in business turnover of 1,859 lots.

Similarly, the metal for delivery in August moved up by Rs 130, or 0.46 per cent, to Rs 28,487 per 10 gm in 286 lots.

Market analysts attributed the rise in gold futures to firming trend in the Asian region after Federal Reserve policymakers said more money easing may be needed and retreat in dollar, raising demand for precious metals as an alternative investment.

Meanwhile, gold traded higher by 0.79 per cent to USD 1,552.40 an ounce in Singapore.

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