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Gold futures hit fresh record of Rs 28,800

Last Updated: Tuesday, August 23, 2011 - 11:37


New Delhi: Gold futures climbed to a fresh high of Rs 28,800 per 10 grams Tuesday, tracking a firming trend overseas, where the rate topped USD 1,910 an ounce as global financial turmoil raised demand for the metal as a safe haven.

All the running contracts -- for October, December and February delivery -- were trading at record highs.

At the Multi Commodity Exchange, gold for delivery in February shot up by another Rs 224, or 0.85 percent, to Rs 28,800 per 10 grams, with a business turnover of six lots.

Similarly, the metal for delivery in December rose by Rs 163, or 0.48 percent, to trade at a record high of Rs 28,519 per 10 grams, with a trading volume of 121 lots.

Similarly, gold for delivery in October spurted by Rs 171, or 0.45 percent, to trade at a record high of Rs 28,265 per 10 grams, clocking a business turnover of 2,099 lots.

Market analysts attributed the skyrocketing gold futures prices to a firming trend overseas as concerns about slowing economic growth and the debt crisis spurred demand for the precious metal as an alternative investment.

Meanwhile, spot gold prices climbed by 0.8 percent to an all-time high of USD 1,913.50 an ounce in the Asian region Tuesday.

PTI

First Published: Tuesday, August 23, 2011 - 11:26
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