Friday, February 20, 2009

Gold breaks records at Rs 15,712

Gold futures continued hitting a new high for the third day at Rs 15,712 per 10 gram in early trading on the Multi Commodity Exchange, on continued buying on speculations that the global recession will deepen further.

The far-month June contract for gold surged by Rs 138, or 0.88 per cent to touch a new high of Rs 15,712 per 10 gram at the MCX counter. The contract clocked business volume of 268 lots (one lot is equal to one kg) in early trade.

Similarly, gold for April month contract rose by Rs 145, or 0.93 per cent to Rs 15,706 per 10 gram, clocking a business turnover of 4,665 lots.

Market experts said firming trends in spot markets on account of marriage season also influenced metal prices at futures market here. At Chennai, gold opened Rs 235 higher to Rs 15,725 per 10 gram.

"Continued investment buying and break of 980 US dollar an ounce level, an important resistance level, supported the bull-run in the precious metal," Galipelli Harish of Karvy Comtrade told.

Meanwhile, in global markets gold touched a high of 988.40 dollar an ounce last evening.

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