Gold Hits Another Record in India

September 6, 2012 at 10:57

truthing

Surpassing all previous records, gold hit a new record high of Rs. 32,758 per 10 grams in futures trade as participants built up huge speculative positions, tracking a firming trend overseas. A firming trend in the spot market on increased buying ahead of marriage and festive season also helped gold to touch new highs in futures trade here.

At the Multi Commodity Exchange, gold for delivery in April next year shot up by Rs. 146, or 0.45%, to trade at an all-time high of Rs. 32,758 per 10 grams, with a turnover of two lots.

Similarly, gold for December contract gained Rs. 177, or 0.48%, to trade at record high of Rs. 32,030 per 10 grams, clocking a business volume of 287 lots.

Gold for delivery in the October also edged up by Rs. 181, or 0.60%, to trade at record high of Rs. 31,649 per 10 gm in a turnover of 11,951 lots.

In the domestic spot market on Thursday, gold strengthened by Rs. 130 higher at an all-time high of Rs.31,980 per 10 gm in the national capital.

Market analysts said the gold futures which climbed to new high was mostly attributed to speculative positions built-up by speculators driven by a firming trend overseas on speculation that the European Central Bank will announce unlimited purchases of government bonds to defuse the debt crisis, boosted the euro, raising demand for the precious metal.