Gold prices bounce back in futures trade on global cues

NEW DELHI: Gold recovered by 0.54 per cent to Rs 27,944 per 10 grams in futures trade today, tracking a better trend overseas as euro zone debt woes boosted the appeal of the commodity as an alternative investment avenue.

At the Multi Commodity Exchange, gold for delivery in October moved up by Rs 151, or 0.54 per cent, to Rs 27,793 per 10 grams, with a trading volume of 2,539 lots.

Similarly, the metal for December contract delivery rose by Rs 143, or 0.51 per cent, to Rs 28,230 per 10 grams, with a turnover of 165 lots.

Market analysts attributed the rise in gold futures prices to a firming trend overseas, as investors parked their funds in safer havens amid deepening of the euro zone debt crisis.

Meanwhile, spot gold prices rose by 0.30 per cent to $ 1,820.35 an ounce in the Asian region today. They had reached a record $ 1,921.15 per ounce on September 6.