Gold futures hit fresh peak of Rs 29,186 on global cues | business | Hindustan Times
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Gold futures hit fresh peak of Rs 29,186 on global cues

Gold futures climbed by Rs 105 to a fresh high of Rs 29,186 per 10 grams today, tracking a firming trend overseas as Europe's political turmoil spurred demand for the precious metal as an investment haven.

business Updated: Nov 09, 2011 14:52 IST

Gold futures climbed by Rs 105 to a fresh high of Rs 29,186 per 10 grams on Wednesday, tracking a firming trend overseas as Europe's political turmoil spurred demand for the precious metal as an investment haven.

In addition, an upsurge in demand in the domestic spot markets for the ongoing marriage season also supported the upside in gold prices in futures trade.

At the Multi Commodity Exchange, gold for delivery in far-month February shot up by Rs 105, or 0.34%, to Rs 29,186 per 10 grams, with a business turnover of 192 lots.

The metal for delivery in December also rose by Rs 51, or 0.16%, to Rs 28,830 per 10 grams in 2,220 lots.

Market analysts attributed the rise in gold futures prices to an all-time high to a firming trend overseas on concerns that European leaders will be unable to tame the region's sovereign-debt crisis, boosting demand for gold as a safe haven investment.

A firming trend in the domestic spot market on marriage season demand also helped gold touch a new high, they said.

Meanwhile, spot gold prices climbed to $1,804.10 an ounce, a seven-week high, in on Tuesday's session in New York.