Gold futures prices hit a new record high of Rs 23,465 per 10 grams today, buoyed by a firming trend in global markets.
Also, firm spot markets demand supported the uptrend in gold futures prices here.
At the Multi Commodity Exchange, gold for delivery in October climbed Rs 269 or nearly 1.1 per cent to Rs 23,465 per 10 grams, with a business turnover of 10 lots.
Similarly, the metal for delivery in August gained Rs 15 or 0.07 per cent to Rs 22,935 per 10 grams, with an open interest of two lots.
Analysts attributed the rise in gold futures prices to a firming trend overseas, where the metal climbed to a record high as concerns about Europe’s debt crisis spurred demand for the metal as an alternative investment.
“Global factors have driven rally in gold prices which may continue for some more sessions in futures trade here,” Mr Rakesh Anand, a market analyst, said.
In the National Capital, gold prices had shot up by Rs 240 to Rs 23,050 per 10 grams in yesterday’s trade.
Meanwhile, gold rose by 0.50 per cent to an all-time high of $1,589.80 an ounce in Asian region.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.