Gold futures zoom to record high of Rs 31,029
December contract rises 1.23% on rising spot demand, global cues
Buoyed by a firm trend in the overseas markets, gold futures prices today climbed to all-time high of Rs 31,029 per 10 grams as speculators indulged in enlarging positions.
Rising spot demand in domestic markets for the wedding season pushed gold futures to trade at record high, traders said.
At the Multi Commodity Exchange, gold for delivery in December rose by Rs 352, or 1.23%, to new record of Rs 31,029 per 10 grams, with a business turnover of 209 lots.
October gold gained Rs 382, or 1.30%, to trade Rs 30,699 per 10 grams, with a trade turnover of 3,149 lots.
Marketmen said sentiment at futures trade here bolstered after gold rose to 16-week high overseas as dollar weakened amid speculation central banks in the US and China may ease monetary policy to boost their economies, raising demand for the precious metal.
In Singapore, gold prices rose by 1.2% to trade at almost four-month high of $1,662.70 an ounce.