Gold futures at record high levels on global cues

Gold prices surged to yet another high of Rs 19,443 per ten gram in futures market today after it hit a new high of $1,297.40 an ounce in global markets on safe-haven buying.

At the Multi Commodity Exchange counter, the metal for delivery in February contract rose by Rs 59, or 0.30 per cent, to a fresh high of Rs 19,443 per ten gram, with a turnover of one lot.

Similarly, the gold for December delivery gained Rs 65, or 0.27 per cent, to Rs 19,368 per ten gram, with a business volume of 327 lots, while delivery in October contract was up by Rs 60, or 0.28 per cent, to Rs 19,245 per ten gram and clocked a business turnover of 1,834 lots.
    
Analysts said increased buying by speculators in tandem with a firming global trend on safe haven buying by investors on economic concerns, mainly led to a rise in gold prices at futures trade here.
    
The precious metal in global markets surged to a new high of $1,297.40 an ounce last evening.
    
They said expectations of a rise in demand in spot markets for the ongoing festivals and coming marriage season also supported the uptrend.