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Gold rose to a record high by gaining Rs 49 to Rs 22,418 per 10 grams at the futures trading today as speculators enlarged their positions influenced by a firming global trend.
Trading sentiment bolstered as gold gained to a record and silver climbed to its highest level in 31 years as inflation in China accelerated, underscoring the challenge that central bankers worldwide face in combating the rising prices.
Speculators were enlarging their positions on expectations that the surging precious metal might gain further momentum in the coming months.
At the Multi Commodity Exchange, gold for far December month contract rose Rs 49 or 0.22 per cent to an all-time high of Rs 22,418 per 10 grams with a business turnover of just one lot.
Market analysts said increased buying by speculators in tandem with a firming global trend mainly helped gold prices to trade at record level at the futures market.
Meanwhile, gold in overseas markets gained 0.4 per cent to $1,479.35 an ounce.
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