Gold continued on its rising streak with prices shooting up by another 0.2 per cent at the futures trade today as speculators engaged in enlarging their positions, taking positive cues from global markets.
A firming trend in the domestic spot market also influenced the prices at the futures trade here.
At the Multi Commodity Exchange, gold futures for August delivery surged Rs 45 or 0.2 per cent to Rs 22,741 per 10 grams with a business turnover of 2,032 lots. Similarly, the metal for delivery in October gained Rs 45 or 0.2 per cent to Rs 23,016 per 10 grams with a trading volume of 180 lots.
Market analysts said the rise in gold futures was mostly due to the firming trend in global markets on concerns that the escalating debt crisis in Europe may trigger a global slowdown, boosting investment demand for the precious metals as an alternative investment.
Meanwhile, the yellow metal for August delivery rose 0.5 per cent to $1,569.90 an ounce on the Comex in New York.