Gold futures up at Rs. 26,870 on short-covering

Gold rose 0.37 per cent to Rs. 26,870 per 10 grams at the futures trade today as participants covered-up their short positions even as the metal dropped from three-week high in global markets.

At the Multi Commodity Exchange, the metal for delivery in December gained Rs. 97 or 0.37 per cent to trade at Rs. 26,488 per 10 grams in a turnover of 492 lots.

Similarly, the metal for delivery in February next year moved up by Rs. 99 or 0.37 per cent to Rs. 26,870 per 10 grams, clocking a business volume of 64 lots.

Analysts said the rise in gold prices at the futures trade was mostly due to covering-up of short positions by speculators even as the precious metal slipped from three-week high in global markets.

Globally, gold traded lower at $1,200.28 an ounce in Singapore today from $1,201.55 on November 21.