Gold contracts up slightly in intraday trade

MUMBAI: Punters and actual users on US bourse Comex increased their gold futures and options holdings in the week ended Friday, indicating that they expect the metal to rise.

Taking a cue, gold contract on domestic bourse MCX rose to Rs 26,510 for 10 grams intraday on Tuesday, almost half a percentage point higher than Friday’s close.

Data from US commodity market regulator CFTC shows that last Friday commercials, or actual users, and non-commercials, or speculators and funds, were net long futures and options by 10,451 contracts, up by 4,507 contracts from the previous week.

Harish Galipelli of JRG Wealth Management expects gold to trade on the upper side of a Rs 26,200-26,800 range on MCX.