Yellow metal shines in technical rebound

Gold futures rose during afternoon trade in the domestic market on Wednesday as investors and speculators extended their positions in the precious metal after it touched nearly 2-week high in the previous session, on a technically-driven rebound in thin volume amid a slightly weaker dollar.

Traders said that currently there are not many strong fundamental reasons to push gold prices further down.

At the MCX, gold futures for February 2017 contract is trading at Rs 27288 per 10 grams, up by 0.43 per cent, after opening at Rs 27238, against a previous close of Rs 27170. It touched the intra-day high of Rs 27347.

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