Gold futures hit fresh peak of Rs 29,091 on global cues!

NEW DELHI: Gold futures climbed to a fresh high of Rs 29,091 per 10 grams on Tuesday, tracking a firming trend overseas as concerns about slowing economic growth and Europe’s debt crisis spurred demand for the precious metal as a safe haven investment.

At the Multi Commodity Exchange, gold for delivery in far-month February shot up by Rs 156, or 0.50 per cent, to Rs 29,091 per 10 grams, with a business turnover of six lots.

The metal for delivery in October also rose by Rs 88, or 0.26 per cent, to Rs 28,573 per 10 grams in 1,934 lots.

In a similar fashion, the precious metal for December delivery spurted by Rs 78, or 0.23 per cent, to Rs 28,833 per 10 grams, clocking a business turnover of 183 lots.

Market analysts attributed the skyrocketing gold futures prices, which hit an all-time high, to a firming trend overseas as renewed fears over the euro zone debt crisis and concerns about stalled global growth boosted the attractiveness of the precious metal in investors’ eyes.

Meanwhile, spot gold prices gained 0.6 per cent to $1,911.07 an ounce in the Asian region, inching toward their all-time high of $1,913.50 per ounce achieved on August 23. (PTI)

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