Gold futures hit a new high of Rs 15,050 per 10 gram in early deals on Tuesday, taking cues from the firm trend in other Asian markets, as investors bought the metal as an alternative to slumping equities.

On the Multi Commodity Exchange, gold for August-month contract shot up by 2.31 per cent to Rs 15,050 per 10 gram. The contract clocked business turnover of five lots.