Gold futures touches new high of Rs 32,400

Speculation that central banks from the US, China will increase stimulus measures raises demand

Buoyed by a firming global trend, gold prices surpassed all previous records to trade at a fresh record of Rs 32,400 per 10 gram in futures trade today.

A firming trend in the spot market supported by the upcoming wedding and festive season demand helped gold in futures trade here.

At the Multi Commodity Exchange, gold for delivery in December shot up by Rs 125, or 0.36%, to trade at an all-time high of Rs 32,400 per 10 gram, with a turnover of 176 lots.

October gold gained Rs 119, or 0.37%, to trade at Rs 32,015 per 10 grams, with a business volume of 1,682 lots.

 

In the domestic spot market on Saturday, gold gained Rs 540 to close at an all-time high of Rs 32,450 per 10 grams in the national capital.

Marketmen said the rally in gold futures was driven by a firming trend overseas on speculation that central banks from the US and China will increase stimulus, raising demand for the precious metal.

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