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February 17, 2009 |
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Commodity Online
NEW DELHI : Gold prices soared to a new high in India on Tuesday by crossing the psychological mark of Rs 15,000, tracking firmer global cues.
Gold futures hit a new high of Rs 15,050 a 10 gram in early deals on Tuesday, as investors bought the metal as an alternative to slumping equities.
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Gold for August-month contract shot up by 2.31 per cent to Rs 15,050 a 10 gram at the MCX and June contract moved up by 2.10 per cent to Rs 15,039 a 10 gram.
April contract gained 2.11 per cent at Rs 15,029 a 10 gram in a turnover of 6,221 lots.
Globally, the yellow metal climbed to the highest level in seven months on demand from investors to protect the value of their assets as stocks slump and the global recession deepens.
Gold for April delivery in New York advanced to $961.10 an ounce, the highest level for the most active contract since July.
The precious yellow meatl jumped 40 percent in almost four months as investor confidence in financial assets erodes and central banks spend trillions of dollars to prop up banks.
Gold in the SPDR Gold Trust, the largest exchange-traded fund backed by bullion, climbed to a record 985.86 metric tons as of Feb. 13, gaining 14 percent last week alone.
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