Gold futures hits record of Rs 23,465 on global cues
Gold futures prices hit a new record high of Rs 23,465 per 10 grams on Thursday, buoyed by a firming trend in global markets.business Updated: Jul 14, 2011 13:15 IST
Gold futures prices hit a new record high of Rs23,465 per 10 grams on Thursday, buoyed by a firming trend in global markets.
Also, firm spot markets demand supported the uptrend in gold futures prices in New Delhi.
At the Multi Commodity Exchange, gold for delivery in October climbed Rs 269, or nearly 1.1%, 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 0.075%, 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", 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 Wednesday's trade.
Meanwhile, gold rose by 0.50% to an all-time high of $1,589.80 an ounce in Asian region.