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 today.
In addition, strong demand at the domestic spot market, where the precious metal also touched a record high of Rs 23,690 per 10 grams in yesterday’s trade in the national capital, also helped gold helped to scale a new high at the futures trade here.
At the Multi Commodity Exchange, gold for delivery in February next year, climbed Rs 228 or 0.93 per cent to a record level of Rs 24,648 per 10 grams with a business turnover of 12 lots.
Similarly, October contract 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 and August contract 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 on concerns that slowing global economic growth may boost the demand for the metal as a protection of wealth.
They said a firming trend at the domestic market on the back of marriage season also supported the upside in gold prices at the futures trade.
Meanwhile, gold rose $39.80 or 2.46 per cent to $1,660.10 an ounce in yesterday’s trade at New York.