Gold & Silver

Gold glitters on firm global cues

PTI New Delhi | Updated on April 18, 2011

A jewellery shop in Hyderabad (file photo). PHOTO Nagara Gopal   -  The Hindu

Gold prices rose by 0.28 per cent to hit yet another high of Rs 22,538 per 10 grams in futures trade today riding on the firming global trend.

Firming trend at the domestic spot markets also supported the yellow metal to scale new high at futures trade.

At the Multi Commodity Exchange, gold for delivery in December gained Rs 63 or 0.28 per cent to trade at new record high of Rs 22,538 per 10 gram, clocking business turnover of one lot.

Likewise, the metal for delivery in June advanced by Rs 29 or 0.13 per cent, to Rs 21,600 per 10 gram, with a business volume of four lots.

Analysts said trading sentiments were buoyed by firming trend in global market, where gold surpassed all previous records by rising 0.1 per cent to record high of $1,488.68 an ounce on mounting inflation and Europe’s sovereign-debt crisis, prompting investors to seek a store of value.

Meanwhile, gold gained 0.10 per cent to $1,488.68 an ounce in the Asian trade at Singapore.

Published on April 18, 2011

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