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Gold futures hits record of Rs 23,465 on global cues

Analysts attributed the rise in gold futures prices to a firming trend overseas, where the metal climbed to a record high as concerns about Europe's debt crisis spurred demand for the metal as an alternative investment.

twitter-logo PTI   New Delhi     Last Updated: July 14, 2011  | 12:32 IST

Gold futures prices hit a new record high of Rs 23,465 per 10 grams on Thursday, buoyed by a firming trend in global markets. Also, firm spot markets demand supported the uptrend in gold futures prices.

At the Multi Commodity Exchange, gold for delivery in October climbed Rs 269, or nearly 1.1 per cent, to Rs 23,465 per 10 grams, with a business turnover of 10 lots.

Similarly, the metal for delivery in August gained Rs 15, or 0.07 per cent, to Rs 22,935 per 10 grams, with an open interest of two lots.

Analysts attributed the rise in gold futures prices to a firming trend overseas, where the metal climbed to a record high as concerns about Europe's debt crisis spurred demand for the metal as an alternative investment.

"Global factors have driven rally in gold prices which may continue for some more sessions in futures trade here", Rakesh Anand, a market analyst, said.

In the national capital, gold prices had shot up by Rs 240 to Rs 23,050 per 10 grams in Wednesday's trade.

Meanwhile, gold rose by 0.50 per cent to an all-time high of $1,589.80 an ounce in Asian region.

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