Gold rebounds in futures trade on global cues

NEW DELHI: Gold prices rose by Rs 71 to Rs 26,940 per 10 gm in futures trade as speculators created fresh positions after the precious metal rebounded from its lowest levels since September 2010 in the global markets.

At the Multi Commodity Exchange, gold for delivery in August was up by Rs 71, or 0.26 per cent, to Rs 26,940 per 10 gm in business turnover of 2,908 lots.

The metal for delivery in far-month October contracts moved up by Rs 69, or 0.26 per cent, to Rs 27,100 per 10 gm in a turnover of 19 lots.

Analysts said recovery in the precious metal in the global market where it rebounded from lowest level since September 2010 on speculation the slump may spur purchases, mainly helped gold to trade higher at futures trade here.

Meanwhile, gold rose by 0.70 per cent to USD 1,293.63 an ounce in Singapore. Earlier, it dropped to USD 1,269.46, the cheapest since September 16, 2010.