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Gold futures rises on global cues, spot demand

business Updated: Dec 02, 2010 12:17 IST

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Gold futures prices surged by Rs 73 to Rs 20,525 per 10 gram on Thursday, after speculators enlarged their positions, driven by a firm trend overseas and spot markets for the ongoing marriage season.

Sentiment remained firm after the precious metal climbed to the highest level in more than two weeks in overseas markets as concern about Europe's debt crisis and weak dollar boosted demand for an alternative investment.

Besides, firming trend at the domestic markets for the ongoing marriage season also influenced gold futures prices here, analysts said. The commodity at the Multi Commodity Exchange counter for the December contract gained by Rs 73, or 0.70 per cent, to Rs 20,525 per 10 grams.

It closed 0.41 per cent down at Rs 20,452 per 10 grams after hitting a record high of Rs 20,698 in the previous choppy session. The yellow metal for June contract also rose by Rs 70, or 0.29 per cent to Rs 20,989 per 10 gram, while delivery in April contract up by Rs 69, or 0.27 per cent to Rs 20,880 per ten gram.

Globally, gold shot up by USD 5.70, or 0.37 per cent to USD 1,392.70 an ounce at Hong Kong. Meanwhile, the gold price crossed an all-time high level of Rs 21,000 per ten grams in the national capital in yesterday's trade.