Gold price spikes to Rs 19,901/10 gram

Analysts said firming trend at global markets last evening after a weaker dollar boosted demand for the precious metal as an alternative investment and rising demand at spot markets for the ongoing festive season,influenced gold prices at futures trade here.

In global markets,gold gained surged USD 12.60 to USD 1,340.30 an ounce in New York after rising to USD 1,349.50.

At the Multi Commodity Exchange counter,gold for delivery in far-month April contract gained Rs 42,or 0.21 per cent,to trade at Rs 19,901 per ten gram,with a turnover of three lots.

The gold for delivery in December contract also rose Rs 25,or 0.10 per cent,to Rs 19,572 per ten gram,clocking a turnover of 1,856 lots. It ended 0.50 per cent higher at Rs 19,547 per ten gram in the previous session.

The precious metal for February contract also moved up by Rs 23,or 0.11 per cent,to Rs 19,754 per ten gram,with a turnover of 47 lots.