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

PTI     August 9, 2011
Continuing its record-breaking spree, gold futures prices on Tuesday 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 delivery in October 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.

PERSPECTIVE: Uncertainties add glitter to gold

It had closed 2.4 per cent higher at Rs 25,242 per 10 grams in the previous session.

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

PERSPECTIVE: Safe-haven status adds glitter to gold

Similarly, gold for 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.

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