Business IdeasGold futures at new high on global cues, weak dollar
Gold futures prices shot up to a record high of Rs 18,167 per 10 gram for April delivery at the MCX platform today, tracking firm global markets amid weak dollar.
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All three active contracts -- December, February and April -- touched fresh peaks.
Gold had touched an all-time high of $1,210 an ounce in the New York Mercantile Exchange in the previous trading session. It saw a similar trend in the Hong Kong spot market where gold rose to $1,214.20 per ounce in morning trade.
At the MCX counter, gold for far-month April delivery moved up 0.91 per cent to Rs 18,167 per 10 gram with a business turnover of 119 lots. February gold shot up by 0.92 per cent at Rs 18,124 per 10 gram in a turnover of 2,402 lots, while the December contract gained 1.09 per cent at Rs 18,075, in a turnover of 340 lots.
"Gold prices have been mainly influenced by the weakening US dollar against basket of currencies, which enhanced the precious metal"s appeal as an alternative investment," said an analyst.
They added that the trading sentiment in the domestic futures market, where gold soared to new highs, was mainly buoyed by firming trend in global markets.
Besides, the ongoing marriage season demand also sparked a rally that lifted the precious metal to record highs, they said.