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Gold futures climbed by Rs 105 to a fresh high of Rs 29,186 per 10 grams today, tracking a firming trend overseas as Europe’s political turmoil spurred the demand for the precious metal as an investment haven.
In addition, an upsurge in demand in the domestic spot market for the ongoing marriage season also supported the upside in gold prices at the futures trade.
At the Multi Commodity Exchange, gold for delivery in far-month February shot up by Rs 105 or 0.34 per cent to Rs 29,186 per 10 grams with a business turnover of 192 lots. Similarly, December contract also rose Rs 51 or 0.16 per cent to Rs 28,830 per 10 grams in 2,220 lots.
Market analysts attributed the rise in gold futures prices to an all-time high to a firming trend overseas on concerns that European leaders will be unable to tame the region’s sovereign debt crisis, boosting demand for gold as a safe haven investment.
A firming trend in the domestic spot market on marriage season demand also helped gold touch a new high, they said.
Meanwhile, spot gold prices climbed to $1,804.10 an ounce, a seven-week high, in yesterday’s session in New York.
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