Gold price in India
continued its rising streak for yet another session in futures trade, as participants engaged in enlarging their positions mostly supported by a firming trend overseas after the recent plunge boosted physical demand for the precious metal.
Besides, covering-up of short positions by speculators on fears of further rise in the prices, also supported the upside.
The precious metal on Monday rose 0.70 per cent to Rs 26,641 per 10 gm in futures trade.
Analysts said sustained rise in the global markets, as the
biggest plunge in prices in three decades boosted physical purchases, supported the rise in gold prices at futures trade here.
Besides, rising
demand at current levels in the domestic spot market also influenced prices, they added.
At the Multi Commodity Exchange, metal for delivery in far-month August contract gained Rs 184, or 0.70 per cent, to trade higher at Rs 26,641 per 10 gm in a turnover of 24 lots.
Similarly, the metal for delivery in June contracts moved up by Rs 175, or 0.67 per cent, to Rs 26,222 per 10 gm, clocking a business volume of 1,190 lots.
At the spot markets, gold traded Rs 250 higher at Rs 26,600 per 10 gm in the national capital.
Gold
regained Rs 27,000-level in spot markets on Saturday, with prices rising by a whopping Rs 500 to trade at Rs 27,100 per 10 gm.
Globally, gold climbed for the fifth straight day, its longest rally this year, rising 1.4 per cent to $1,423.10 an ounce in Singapore on Monday.
With inputs from PTI
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