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| Gold hits new high in futures trade on global cues |
| Press Trust of India / Mumbai Nov 26, 2009, 11:43 IST |
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Tracking global trends and a weakening dollar, gold prices surged to set a new high of Rs 17,999 per 10 gram for June contract, just shot of historic Rs 18,000 level in futures trading on the Multi Commodity Exchange counter today.
All the four running contracts -- December, February, April and June -- were trading at record highs.
At the MCX counter, gold for far-month June contract rose by Rs 205, or 1.15 per cent to an all-time high of Rs 17,999 per 10 gram with a turnover of one lot.
In similar fashion, the yellow metal for delivery in April contract shot up by Rs 125, or 0.70 per cent to Rs 17,945 per ten gram in a turnover of 13 lots, while February month contract rose by Rs 117, or 0.62 per cent to Rs 17,900 per ten gram, clocking turnover of 463 lots.
The precious metal for delivery in December contract traded at Rs 122, or 0.66 per cent higher at Rs 7,844 per ten gram, in a turnover of 2,085 lots.
Gold in spot trading in Asia touched a record high of $1,192.60 per ounce in an early trade on expectations of more buying of bullion by Central Bank and further weakness in the US currency, raising the metal's appeal as an alternative source of investment.
Market analysts said the trading sentiment in the domestic futures market got a boost after the yellow metal surged to a record high in Asian trade on continued weakness in dollar against major currencies.
Meanwhile, gold prices have risen nearly 15 per cent during the month so far in the global market.
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