Breaking all previous records, gold prices today surged to a new peak at Rs 16,349 per 10 gm in futures trade, as traders increased their exposure in the precious metal following melting stock and forex markets
Breaking all previous records, gold prices today surged to a new peak at Rs 16,349 per 10 gm in futures trade, as traders increased their exposure in the precious metal following melting stock and forex markets.
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The metal, which had been on a record-setting spree for the last one week, spurted to an all-time high of Rs 16,349, by adding 2.55 per cent on the Multi Commodity Exchange, as funds preferred to park their funds in gold amid deepening global recession.
The August contract for gold climbed 2.55 per cent to touch Rs 16,349 per 10 gm. It clocked two lots. The bullion market received a major booster from the firming global trend as the gold in the US markets surged to $1,007.20 an ounce last night.
"Funds around the world indulged in picking gold as a safe investment during the current financial turmoil," said Galipelli Harish, head of research with Karvy Comtrade.
In Delhi, the metal traded at Rs 15,750, in Chennai at Rs 15,775 per 10 gm, respectively. Buying by jewellers and retail customers almost dried up at existing higher levels, said a Delhi-based jeweller Rakesh Anand.
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