Gold futures set another record

February 18, 2009

Commodity Online
NEW DELHI : Gold futures continued to rise for a second day in succession and hit another high of Rs 15,582 per 10 gram in early deals Wednesday.

MCX gold for October contract climbed three per cent to Rs 15,582 in early trade that is a record high. The contract clocked business turnover of just one lot.

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Gold, for April month contract gained 0.39 per cent to Rs 15,551 per 10 gram in a turnover of 6,591 lots, while June month contract rose 0.41 per cent to Rs 15,564 per 10 gram with a turnover of 302 lots.

Investors have shifted their focus towards gold as a safer haven after global equities tumbled on rising concerns of recession and deepening financial crisis.

Gold moved largely in tandem with the firm trend in other Asian markets as investors parked their funds in the metal as an alternative to weakening equity markets.

Firming trends in spot markets on account of marriage season also supported the persistent rise in the precious metal prices at futures market.

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