New Delhi: Gold prices on Wednesday hit a record
high of Rs 16,785 per ten gram in futures trading at the Multi
Commodity Exchange as traders enlarged their positions in
tandem with a firming global trend after the US dollar
weakened.
Gold for delivery in far-month February contract surged
to Rs 16,785 per ten grams before slipping 0.58 percent to Rs
16,774 per ten gram in a turnover of 164 lots.
In a similar fashion, April month contract rose by 0.77
percent to hit a high of Rs 16,781 per ten gram with a
business turnover of 3 lots.
Similarly, the metal for delivery in December month shot
up to a high of Rs 16,749 but slipped to trade 0.57 percent
at Rs 16,729 per ten gram in a business turnover of 1,995
lots.
Market analysts said firming trend in international
markets as a weaker dollar raised gold's appeal as an
alternative investment, attributed to the rise in precious
metal at the futures market here.
Meanwhile, In the Asian region gold prices traded higher
at USD 1,106.50-1,107.50 an ounce against last close of USD
1,098.50-1,099.50.
Bureau Report
First Published: Wednesday, November 11, 2009, 13:02