Gold futures climbed to a fresh high of Rs 29,091 per 10 grams today, tracking a firming trend overseas as concerns about slowing economic growth and Europe’s debt crisis spurred demand for the precious metal as a safe haven investment.
At the Multi Commodity Exchange, gold for delivery in far-month February shot up by Rs 156 or 0.5 per cent to Rs 29,091 per 10 grams with a business turnover of six lots and October contract also rose Rs 88 or 0.26 per cent to Rs 28,573 per 10 grams in 1,934 lots.
Similarly, the precious metal for December contract spurted by Rs 78 or 0.23 per cent to Rs 28,833 per 10 grams clocking a business turnover of 183 lots.
Market analysts attributed the skyrocketing gold futures prices, which hit an all-time high, to a firming trend overseas as renewed fears over the euro zone debt crisis and concerns about stalled global growth boosted the attractiveness of the precious metal.
Meanwhile, spot gold prices gained 0.6 per cent to $1,911.07 an ounce in the Asian region, inching towards its all-time high of $1,913.50 per ounce achieved on August 23.