Gold futures up by Rs 171 on short-covering

Gold is trading at Rs 27,695 per 10 gram

New Delhi

: Gold prices were up by Rs 171 to trade at Rs 27,695 per 10 gram in futures trade today as speculators covered-up positions even as the metal weakened overseas. At the Multi Commodity Exchange, gold for delivery in February month rose by Rs 171 or 0.62 per cent to Rs 27,695 per ten grams in business turnover of 231 lots.

Similarly, the metal for delivery in far-month June contract traded higher by Rs 147 or 0.53 per cent to Rs 27,887 per ten grams in 4 lots. Analysts attributed the rise in gold prices to covering-up of positions by speculators.

They said, however, a weak global trend where gold fell from the highest level since October after the US jobless rate slid to a 2008 low and hourly earnings rose more than estimated, bolstering the case for the Federal Reserve to tighten monetary policy, capped the gains.

Globally, gold lost 0.8 per cent to USD 1,164.50 an ounce in Singapore.