Gold futures climb on global cues, weak dollar

Continuing the record-setting spree, gold prices today climbed to Rs 18,399 per ten gram for April delivery amid weak US dollar.

All the three running contracts - December, February and April - surged to hit new highs.

At the MCX counter, gold for April contract rose Rs 170 or 0.86 per cent to hit a record high of Rs 18,399 per ten gram with business turnover of 67 lots.

The metal for delivery in February also traded higher by Rs 139 or 0.83 per cent at Rs 18,336 per ten gram in turnover of 2,366 lots, while December contract inched up by Rs 173 or 0.96 per cent at Rs 18,282 with a turnover of 17 lots.

Meanwhile, gold futures for February contract traded at an all-time high of $1,227.50 per ounce in New York, while spot gold zoomed to a new high of $1,224.65 per ounce, in early Asian trade.

"The trend in gold is still looking bullish on weakening US dollar," said Karvy Comtrade research head Aurobinda Prasad.

"In short-term the precious metal may touch Rs 18,500 per ten gram at domestic futures market," he added.