New Delhi: Gold prices in futures trade retraced Rs 27,000- per ten grams level by spurting Rs 367 to Rs 27,072 per ten grams in first hour of trade Monday as market players enlarged their positions amid a firming global trend.

 

At the Multi Commodity Exchange (MCX), gold for delivery in August spurted by Rs 367 to Rs 27,072 per ten grams against its previous close of Rs 26,712.

 

Similarly, silver for delivery in September jumped by Rs 696 to Rs 41,050 per kg compared to Rs 40,344 on Saturday.

 

'Not wise to invest in gold at current level'

 

Gold price in overseas markets, rose nearly 1.5 percent to its highest level in a month today as the US dollar slipped against other currencies, with gains in Japanese bullion futures adding extra support.

 

Spot gold last traded up USD 19 or 1.47 percent at USD 1,316.70 an ounce after hitting a high of USD 1,319.30 an ounce, its highest since June 20.

 

Gold last week posted its second weekly gain after the Federal Reserve's assurance the timing of any tapering in economic stimulus is not set in stone.

 

In New York, gold for August delivery climbed USD 8.70 or 0.7 percent to finish the week 1.2% higher at USD 1,292.90 an ounce on the Comex division of the NYMEX. 

 

That was the highest settlement for a most-active contract since June 19.

 

With Agency Inputs

 

Source:ZeeNews