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This is an archive article published on October 5, 2010

Gold surges to record Rs 19,624/10 gms

Gold surged to record levels in futures trading,spurting by Rs 178 to Rs 19,624/10n gms.

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Gold prices surged to record levels in futures trading on Tuesday,spurting by Rs 178 to Rs 19,624 per 10 grams on frantic buying by speculators,spurred by a rally in international markets.

Traders said buying activity gathered momentum after the precious metal rose to an all-time high of USD 1,324.30 an ounce on the Comex in New York.

They said rising demand for gold in domestic markets for the upcoming festival and marriage season next week further fuelled the uptrend.

The gold at the Multi Commodity Exchange for far-month April contract gained by Rs 178,or 0.91 per cent to Rs 19,624 per ten grams,a level never seen before. The contract attracted a business volume of 46 lots.

The yellow metal for February month contract rose by Rs 184,or 0.95 per cent to Rs 19,540 per ten grams in 608 lots and December contract by Rs 188,or 0.97 per cent to Rs 19,429 in business volume of 14,685 lots.

 

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