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This is an archive article published on October 11, 2010

Gold surges to record Rs 20,000/10 gm

Pick up in demand for the festival and marriage season boosted the market sentiment.

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Gold surged to hit a crucial Rs 20,000 per ten gram level for the first time in futures trade on Monday on hectic buying by speculators,tracking strong global trend.

Pick up in spot market demand for the festival and marriage season further boosted the market sentiment.

At the Multi Commodity Exchange counter,gold for June-month delivery surged by Rs 132 to hit a record high of Rs 20,007 per ten gram,with a volume of one lot.

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Similarly,the metal for delivery in December gained Rs 90,or 0.46 per cent,to Rs 19,619 per ten gram,with a turnover of three lots.

Marketmen said the precious metal rose to an all-time high level as speculators created fresh positions in tandem with a firming global trend.

They said retail buying in spot trading for the ongoing ‘Navratras’ festival,a auspicious week in Hindu mythology also bolstered the uptrend.

Meanwhile,gold rose by USD 5.20 to USD 1,352.20 an ounce in the Asian region.

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