Gold futures hit new record, cross Rs 33,000 on global cues

Speculation that central banks from US, China will increase stimulus measures raises demand for precious metals

Gold prices today crossed Rs 33,000-level for the first time in futures trade as speculators engaged in creating huge positions amid strong cues from the global markets.

A firm trend in the spot market on increased buying ahead of the festive season pushed gold to fresh high in the futures trade here.

At the Multi Commodity Exchange, gold for delivery in April next year shot up by Rs 136, or 0.18%, to trade at an all-time high of Rs 33,170 per 10 grams, with a turnover of 19 lots.

The October contract gained Rs 57, or 0.31%, to trade at Rs 32,043 per 10 grams, with a business volume of 10,055 lots.

 

Gold for delivery in December also edged up by Rs 147, or 0.60%, to trade at Rs 32,422 per 10 grams, with a turnover of 704 lots.

In the domestic spot market here today, gold touched yet another high of 32,500 per 10 grams by gaining Rs 50.

"Apart from the firming trend in global markets, speculative positions created by participants on hopes of further rise in the prices helped gold to scale new highs," Rakesh Anand, market expert said.

Marketmen said sentiment in gold futures remained bullish largely on the back of a firming trend overseas on speculation central banks from the US to China would bring in more stimulus measures to revive global economic growth, raising demand for precious metals.

Besides, rising spot demand for the upcoming marriage and festive season too influenced the prices, they said.

Meanwhile, gold gained 0.30% to $1,740.05 an ounce in Singapore, almost six-month high level.