Gold at record high, nears 17k level in futures trade

Continuing its record breaking spree, gold prices climbed to hit another high of Rs 16,904 per ten gram for April contract in futures trading at the Multi Commodity Exchange, bolstered by firming trend in global markets where it crossed $1,121 an ounce on weak dollar.

Gold for delivery in far-month April contract surged 0.65 per cent to hit a new high of Rs 16,904 per ten grams in a turnover of 11 lots.

In a similar fashion, February month contract rose 0.45 per cent to trade at a new high of Rs 16,903 per ten gram with a business turnover of 225 lots, while delivery in December contract went up 0.51 per cent at Rs 16,860 per ten gram with a turnover of 2,498 lots.

Market analysts said firming trend in international markets as weakening dollar raised gold's appeal as an alternative investment attributed to the rise in the precious metal's prices at the futures market here.

Meanwhile, in Tokyo gold prices traded higher at record $1,121.60 an ounce.