Gold futures hit new high, near Rs 28,000 as stocks turn sour

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Gold futures hit new high as stocks turn sour
Gold continues breaking its record over and above following fall in stock markets, which spurred the metal's demand as a safe haven among investors.

Stock markets across the board witnessed a sharp fall on specific concerns of global economic growth. Considering the global economic problems, forecast for global growth which includes India and China have been brought down. There is a serious risk aversion by the investors; it seems that safety of capital remains the primary motive.

Gold prices surged in today's trade to hit a new record as it is considered as one of the best bets during uncertain times.

The most traded commodity gold for October delivery on MCX opened at Rs 27,280 per 10 grams and it touched a new high of Rs 27,657 per 10 grams. It was trading between Rs 27,620 – Rs 27,628 per 10 grams around 1:07 pm IST.

Gold for delivery in far-month April opened high at Rs 28,218 per 10 grams and made intra-day high of Rs 28,267 per 10 grams.

It may steal the investors attention further from equities due to global economic turmoil.

Read more about: gold, economy, europe
Story first published: Friday, August 19, 2011, 13:13 [IST]
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