|
| Gold surges to Rs 18,000-level in futures trade |
| Press Trust of India / New Delhi Nov 26, 2009, 14:07 IST |
|
Gold prices continued their upward march tracking global cues and a weakening dollar to touch a record Rs 18,000 per 10 gram in the futures market today.
Buying activity spurred on reports of the precious metal crossing the Rs 18,000-per ten gram level in the domestic market in tandem with the prices in the international market that bettered earlier record to reach an all-time high of 1,195 dollar an ounce.
The dollar-priced gold in London crossed 1,195 dollar an ounce as the US currency tumbled to a 14 year-low in Tokyo against major currencies, leading to investors shifting to bullion as safe haven.
At the Multi Commodity Exchange, gold for far-month June contract shot up by 1.16 per cent to Rs 18,000 per ten gram in trading of five lots, a level never seen before.
Similarly, the yellow metal for delivery in April surged by 0.79 per cent to Rs 17,977 per ten gram in a turnover of 46 lots and February contract by 0.71 per cent to Rs 17,935 per ten gram in 1,544 lots.
The metal for December month contract traded higher by 0.71 per cent to Rs 17,868 per ten gram in 6,749 lots.
Marketmen said fresh buying of gold by Sri Lanka earlier this month raised speculations of others following suit.
They said expectations of more rise in gold prices in the coming days supported the uptrend in precious metals in the spot as well as the futures trading.
|
|
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
|
Content Guide
