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Gold records a new high of Rs 24,865 amid global concerns


Gold records a new high of Rs 24,865
With rising concerns over global economy, the demand for safest haven moving up. Gold advanced towards new high in today's trade on concerns over US economy.

At the Multi Commodity Exchange, Gold for delivery in far-month February rose all-time high to Rs 24,865 per 10 grams.

Analysts said slowing global economic growth may boost the demand for precious metal further in a day.

Gold futures jumped to an intraday record Rs 24,865 per 10 grams today as investors reached for what is widely considered the ultimate safe haven.

The most traded commodity gold for August delivery on MCX opened at Rs 23,777 per 10 grams and was trading between Rs 23,748 – Rs 23,897 per 10 grams around 2:00 p.m. IST.

Gold has also showed a strong domestic demand in today's trade.

Gold for immediate delivery was seen trading at Rs 24,007 per 10 grams, the highest so far.

Gold price in sterling and euro also reached historical highs. The dollar index rose 0.23 percent to 74.48, but that did little to stop gold's ascent.

Read more about: gold economy
Story first published: Wednesday, August 3, 2011, 14:07 [IST]
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