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Gold futures hit 20,000-level for first time

Hectic buying by speculators and pick up in spot market demand for the ongoing festival season, helped gold touch the all-time high of Rs 20,007.

twitter-logoPTI | October 11, 2010 | Updated 17:45 IST

Gold surged to hit a crucial Rs 20,000 per ten gram-level for the first time in futures trade on Monday on hectic buying by speculators, tracking strong global trend.

Pick up in spot market demand for the festival and marriage season further boosted the market sentiment.

At the Multi -Commodity Exchange counter, gold for June-delivery surged Rs 132 to hit a record-high of Rs 20,007 per ten gram, with a volume of one lot.

Similarly, the metal for delivery in December gained Rs 90, or 0.46 per cent, to Rs 19,619 per ten gram, with a turnover of three lots.

Marketmen said the precious metal rose to an all-time high because speculators created fresh positions in tandem with a firming global trend.

They said retail buying in spot trading for the ongoing 'Navratras' festival, an auspicious week in Hindu mythology, also bolstered the uptrend.

Meanwhile, gold rose $5.20 to $1,352.20 an ounce in the Asian region.

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