Press Trust of India / New Delhi February 17, 2009, 11:06 IST
Gold futures hit a new high of Rs 15,050 per 10 gram in early deals today, taking cues from the firm trend in other Asian markets, as investors bought the metal as an alternative to slumping equities.
On the Multi Commodity Exchange, gold for August-month contract shot up by 2.31 per cent to Rs 15,050 per 10 gram. The contract clocked business turnover of five lots.
The precious metal shot up by 1.55 per cent to $956.20 an ounce in Asia -- the highest in seven months -- on rising concerns of recession and deepening financial crisis.
Meanwhile, on the MCX counter, far-month June contract moved up by 2.10 per cent to Rs 15,039 per 10 gram, with a turnover of 370 lots, while its April contract gained 2.11 per cent at Rs 15,029 per 10 gram in a turnover of 6,221 lots.