Gold tops Rs 26,000 in futures trade on global trend

Continuing its record-breaking spree, gold futures prices today hit yet another high of Rs 26,198 per 10 grams by adding Rs 956 as speculators created fresh positions after the metal zoomed past $1,700 an ounce for first time ever in history in global markets.

At the Multi Commodity Exchange, gold for October delivery climbed Rs 956 to trade at an all-time high of Rs 26,198 per 10 grams, with a business turnover of 29,258 lots. It had closed 2.4% higher at Rs 25,242 per 10 grams in the previous session.

The February delivery also traded at a record high of Rs 26,695 per 10 gram, up by Rs 799, with a business turnover of 43 lots.

Similarly, delivery in December rose by Rs 870 to hit a new high of Rs 26,490 per 10 grams, with an open interest of 615 lots.

Market analysts said that gold futures prices rose to hit a record high mainly due to a firming trend overseas, where the precious metal climbed to an all-time high of $1,758.40 an ounce, following US credit rating downgrade, which spurred the metal's demand as a safe haven.