Commodities

Gold futures hits record high at Rs 22,769/10 gm

PTI New Delhi | Updated on April 20, 2011 Published on April 20, 2011

Taking positive cues from global markets, gold prices climbed by Rs 46 to hit new high of Rs 22,769 per 10 grams in futures trade on Wednesday.

At the Multi Commodity Exchange, gold for delivery in December rose by Rs 46 or 0.20 per cent to an all time high of Rs 22,769 per 10 grams, with a business turnover of a single lot.

Similarly, the yellow metal for delivery in June gained Rs 6 or 0.03 per cent to Rs 21,830 per 10 grams, with a business volume of six lots.

Market analysts said a firming trend in gold overseas, where the metal rallied to $ 1,500 an ounce for the first time ever after the dollar weakened on mounting debt in the US and Europe, boosted demand for the precious metal as an alternative investment.

Market analysts attributed the rise in gold prices to strong rally in the global markets.

Meanwhile, gold climbed 0.3 per cent to $ 1,500.43 an ounce in the Asian region.

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Published on April 20, 2011
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