Riding high on a firming trend overseas, gold futures for delivery in February next year reached a record high of Rs 24,648 per 10 grams on Wednesday.
Gold rebounds to hit fresh high
In addition, strong demand at the domestic spot markets, where the precious metal also touched a record high of Rs 23,690 per 10 grams in Tuesday's trade in the national capital, also helped gold helped to to scale new high at futures trade here.
At the Multi Commodity Exchange, gold for delivery in February next year, climbed Rs 228, or 0.93 per cent,to record level of Rs 24,648 per 10 grams, with a business turnover of 12 lots.
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Similarly, the metal for delivery in October also shot up by Rs 242, or over 1 per cent, to reach a record high of Rs 24,048 per 10 grams, with a business volume of 3,903 lots.
The precious metal for delivery in current month August gained Rs 238, or 1.01 per cent, to Rs 23,790 per 10 grams, with a trade turnover of 74 lots.
Market experts said a firming trend overseas, where the metal soared to an all-time-high as concerns that slowing global economic growth may be boosting demand for the metal as a protection of wealth.
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They said a firming trend on the domestic markets on the back of marriage season also supported the upside in gold prices at futures trade.
Meanwhile, gold rose by $39.80, or 2.46 per cent to $1,660.10 an ounce in Tuesday's trade at New York.