Gold futures surge to fresh high of Rs 23,210/10 gms

Posted By: Religare
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Gold futures surge to fresh high
On April 28, 2011, the prices of gold for the December contract advanced by Rs 189, or 0.82% to a fresh high of Rs 23,210 per 10 grams, with a business turnover of two lots at the Multi Commodity Exchange (MCX) since fresh holdings were created by the traders tracking the steady overseas trend on the decline in the dollar.

The yellow metal for the October contract also rose by Rs 131, or 0.52% to Rs 22,882 per 10 grams, with a business volume of six lots at the MCX.

The gold for the June contract also gained Rs 95, or 0.44% to Rs 22,234 per 10 gram, with an open interest of 2,776 lots at the MCX.

The gold rallied to an all-time high of $1,531.40 an ounce in New York.

Moreover, there was a steady global trend, where gold rose to a record high supported by a weakened dollar after the US Federal Reserve decided to keep short-term interest rates at zero level which also supported the prices.

Read more about: gold, mcx, futures
Story first published: Friday, April 29, 2011, 12:31 [IST]
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