Gold futures surge to new high

Gold futures prices rose by 0.82% to a record Rs 23,210 per 10 grams today, as speculators enlarged positions, driven by a firming global trend on a weakening dollar.

Gold futures prices rose by 0.82% to a record Rs 23,210 per 10 grams on Thursday, as speculators enlarged positions, driven by a firming global trend on a weakening dollar.

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At the Multi Commodity Exchange, gold for delivery in December advanced by Rs 189, or 0.82 % to a fresh high of Rs 23,210 per 10 grams, with a business turnover of two lots.

Similarly, the metal for delivery in October shot up by Rs 131, or 0.52% to Rs 22,882 per 10 grams, with a business volume of six lots. The yellow metal for delivery in June gained Rs 95, or 0.44% to Rs 22,234 per 10 gram, with an open interest of 2,776 lots.

Market analysts said a firming trend overseas, where gold climbed to new high supported by a weakened dollar after the US Federal Reserve decided to keep short term interest rates at zero level, boosted the demand for the precious metal.

Meanwhile, gold rallied to an all time high of USD 1,531.40 an ounce in New York.