Gold futures at record high on global cues

Trading sentiments bolstered as gold gained and silver climbed to its highest in 31 years.

Gold rose to a record high by gaining Rs 49 to Rs 22,418 per 10 grams in futures trading on Friday as speculators enlarged their positions influenced by a firming global trend.

Trading sentiments bolstered as gold gained to a record and silver climbed to its highest level in 31 years as inflation in China accelerated,underscoring the challenge that central bankers worldwide face in combating rising

prices.

Speculators were enlarging their positions on expectations that the surging precious metal might gain further momentum in coming months. At the Multi Commodity Exchange,gold for far December month rose by Rs 49,or 0.22 per cent to an all-time high of Rs 22,418 per 10 grams,with a business turnover of just one lot.

Market analysts said increased buying by speculators in tandem with firming global trend mainly helped gold prices to record level at futures trade. Meanwhile,gold in overseas markets gained 0.4 per cent to $1,479.35 an ounce.

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