Gold hits Rs 25,000, eyes new highs

Tracking global trends, gold prices on Monday touched a new all-time high of Rs 25,034 on Multi Commodity Exchange for October future contract. HT reports. Modern Midas

Tracking global trends, gold prices on Monday touched a new all-time high of Rs 25,034 on Multi Commodity Exchange (MCX) for October future contract. The US gold futures also touched a record intraday high of $1,702.7 an ounce (equivalent to Rs 24,637 per 10 gram).

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“We are still bullish on gold and we see the gold going up further till December,” said Hitesh Jain, Commodity Analyst, IIFC.

“Now more investors are also entering the gold scene.”

Gold prices were 1.52% up on the MCX for the October future contract that had most volume. While at the MCX gold futures for the April 2012 delivery spurted to Rs 26,065 or 2.45% on Monday.

“Gold is being viewed as a safe investment and in short-term the prices have increased by 7%. Though it would be difficult to predict but going by the present trend, the yellow metal would see a further price increase,” said Taran Sisodia, research head, Anand Rathi Securities.

Silver also touched R59,809 per kg for September future contract.