Journalism of Courage
Gold futures prices recovered by 0.11 per cent to Rs 28,395 per 10 gram today as speculators enlarged their positions in tune with a better trend overseas.
At the Multi Commodity Exchange,gold for delivery in December up by Rs 30,or 0.11 per cent,to Rs 28,395 per 10 gram,with a business turnover of 345 lots.
In a similar fashion,the metal for delivery in the far-month February next year contracts gained Rs 26,or 0.09 per cent,to Rs 28,150 per 10 gram,with a trade volume of 7 lots.
Market analysts said the rise in gold futures was mainly in line with a firming trend in overseas markets as US Senate leaders struggled to draft an accord to increase the debt limit and avert a default before a deadline this week.
Meanwhile,gold rose by 0.50 per cent to USD 1,279.05 an ounce in Singapore today after dropping to USD 1,260.61 on October 11,the lowest since July 11,on expectations that an agreement would be reached.
