Gold & Silver

Gold surges past Rs 28K level in futures market

| Updated on: Aug 19, 2011

Gold surpassed all previous records to trade above Rs 28,000 per 10 grams in futures trade today in line with trends in global markets where prices went past $1,867 an ounce amid rising concerns that the global economy is heading towards another turmoil.

Market experts said sentiments at futures trade were buoyed after gold prices climbed to $1,867.95 an ounce in London. The rise in global prices was attributed to weak trends—— worse-than-expected US economic data and lingering debt crisis in Europe—— that saw stocks tumbling across the world. Falling value of rupee against the US dollar also made gold costlier, they added

“The current run-up suggest that investors are preferring to park their funds in more attractive and safer gold,” an analyst said.

On the Multi Commodity Exchange, gold for delivery in December shot up by Rs 721 to hit yet another record high of of Rs 28,144 per 10 grams, with a business volume of 1,929 lots.

Similarly, gold for October delivery gathered Rs 713 to Rs 27,887 per 10 grams. The contract recorded a business volume of 4,650 lots.

Meanwhile, spot gold prices in Delhi recorded a biggest single day rise of Rs 1,310 to trade at record high of Rs 28,150 per 10 grams.

Published on August 19, 2011

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