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Gold futures hits all-time high

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Gold futures hits all-time high

Postby GoNifty » Tue Aug 09, 2011 7:31 pm

Gold futures hits all-time high

Continuing its record-breaking spree, gold futures prices hit yet another high of Rs 26,198 per 10 grams today by adding Rs 956 as speculators created fresh positions after the metal zoomed past USD 1,700 an ounce for the first time ever in history in the global markets.

At the Multi Commodity Exchange, gold for delivery in October climbed Rs 956 to trade at an all-time high of Rs 26,198 per 10 grams with a business turnover of 29,258 lots. It had closed 2.4%t higher at Rs 25,242 per 10 grams in the previous session.

Gold for delivery in February also traded at a record high of Rs 26,695 per 10 gram, up by Rs 799, with a business turnover of 43 lots. Similarly, December contract rose Rs 870 to hit a new high of Rs 26,490 per 10 grams with an open interest of 615 lots.

Market analysts said that gold futures prices rose to hit a record high mainly due to a firming trend overseas, where the precious metal climbed to an all-time high of USD 1,758.40 an ounce, following US credit rating downgrade, which spurred the metal`s demand as a safe haven.
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