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Continuing its rising streak, gold prices crossed Rs 34,000 per 10 gram level for the first time ever in futures trade today as the rupee tumbled to hit an all-time low of Rs 68.75 amid a firm trend overseas.
On the Multi Commodity Exchange, gold for delivery in October went up by Rs 531 or 1.57 per cent to trade at an all-time high of Rs 34,246 per 10 gram in a business turnover of 1,624 lots.
Similarly, the yellow metal for delivery in far-month December surged by Rs 511 or 1.52 per cent to Rs 34,161 per 10 gm in 505 lots.
Market analysts attributed the rise in gold prices at the futures trade to a sliding rupee which tumbled to a historic low of Rs 68.75, making dollar-quoted precious metal expensive, and pick-up in demand at the spot market for the festive and upcoming marriage season.
Besides, a firm trend in the global market as speculation that the US may lead military strikes against Syria spurred investors’ demand for a safe haven, influenced gold prices at the futures trade here, they said.
In the domestic market, gold prices closed at an all-time high of Rs 32,585 per 10 gram in Mumbai yesterday.
Meanwhile, the yellow metal advanced 0.3 per cent to $1,419.55 an ounce in Singapore.
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