Gold up by Rs 173 in Futures Trade

The yellow metal continued its recovery for the third consecutive trading session on Monday and increased by Rs 173 to Rs 26,220 per 10 gm in futures trade.

Globally, gold climbed 1.14 percent or USD 16.10 to USD 1,422.60 per ounce.

Analysts said that "Besides, rising physical demand at current levels, covering-up of short positions by speculators, helped gold prices to rise at futures trade here, recovery in the global markets as investors enlarged positions, taking advantage of the biggest plunge in prices in three decades, helped gold futures to extend its recovery move at futures trade.”

Increasing demand in the present levels, in the domestic spot market, has also influenced prices, they added.