Gold zooms to Rs. 26,198 levels on global crisis

Continuing its record-breaking rally, gold futures prices today hit yet another high of Rs. 26,198 per 10 grams by adding Rs. 956 as speculators created fresh positions after the metal zoomed past $1,700 an ounce for the first time ever in the history of global markets.

At the Multi Commodity Exchange, gold for delivery in October climbed Rs. 956 to trade at an all-time high of Rs. 26,198 per 10 grams, with a business turnover of 29,258 lots. It had closed 2.4 per cent higher at Rs. 25,242 per 10 grams in the previous session.

Gold for delivery in February also traded at a record high of Rs. 26,695 per 10 gram, up by Rs. 799, with a business turnover of 43 lots.

Similarly, gold for delivery in December rose by Rs. 870 to hit a new high of Rs. 26,490 per 10 grams, with an open interest of 615 lots.

Market analysts said that gold futures prices rose to hit a record high mainly on firming trend overseas, where the precious metal climbed to an all-time high of $1,758.40 an ounce, following US credit rating downgrade, which spurred the metal's demand as a safe haven.