Gold futures hit a new high of Rs 15,050 per 10 gram in early deals on Tuesday, taking cues from the firm trend in other Asian markets, as investors bought the metal as an alternative to slumping equities.
On the Multi Commodity Exchange, gold for August-month contract shot up by 2.31 per cent to Rs 15,050 per 10 gram. The contract clocked business turnover of five lots.
The precious metal shot up by 1.55 per cent to USD 956.20 an ounce in Asia - the highest in seven months - on rising concerns of recession and deepening financial crisis.
Meanwhile, on the MCX counter, far-month June contract moved up by 2.10 per cent to Rs 15,039 per 10 gram, with a turnover of 370 lots, while its April contract gained 2.11 per cent at Rs 15,029 per 10 gram in a turnover of 6,221 lots.
|
The precious metal spurted by Rs 360 to Rs 15,200 per 10 gram, a level never seen before, solely driven by a rally in overseas markets.
The global rally is witnessed at a time when the market is facing heavy rush of buying by retailers for the current marriage season.
|
touching peaks and peaks...touched 15600 today....OMG..
|
