Gold futures rise to record Rs 21,100 on global cues

Gold futures prices surged to record levels today rising by Rs 473 to Rs 21,100 per 10 grams, as speculators created huge positions, driven by a rally in international markets.

All the three running contracts, April, February and December, are trading at record highs at the futures market here.

Sentiments remained bullish after the precious metal surpassed all records to trade at an all-time high of $1,413.47 an ounce by rising 0.3 per cent in the Asian region, as a weakening dollar and euro boosted demand for the metal as an alternative investment.

Analysts said apart from firm trend overseas, rising demand for gold in domestic markets for the upcoming marriage season, too, is responsible for the current run-up in the metal prices.

The gold at the Multi Commodity Exchange counter for the April contract gained by Rs 473, or 2.29 per cent, to Rs 21,100 per 10 grams, a level never seen before. The contract attracted a business volume of 25 lots.

The yellow metal for February month contract also gained Rs 100 to trade at record high of Rs 20,589 per 10 gram in a turnover of 74 lots, while delivery in December contract up by Rs 76, or 0.37 per cent, to Rs 20,412 per 10 grams, clocking a turnover of 737 lots.