Continuing its rising streak, gold prices climbed to Rs. 34,500 per 10 gram level for the first time ever in futures trade today as the rupee tumbled to hit an all-time low of Rs. 68.75 amid a firming trend overseas.At the Multi Commodity Exchange, gold for delivery in October went up by Rs. 780 to trade at an all-time high of Rs. 34,500 per 10 gram.Similarly, the yellow metal for delivery in the far-month December surged by Rs. 511, or 1.52 per cent, to Rs. 34,161 per 10 gm in 505 lots.
Market analysts attributed the rise in gold prices at futures trade to the sliding rupee, which tumbled to a historic low of Rs. 68.75, making dollar-quoted precious metal expensive, and a pick-up in demand at the spot market for the festive and upcoming marriage season.Besides, a firming trend in global markets as speculation that the US may lead military strikes against Syria spurred investors’ demand for a safe haven, too, influenced gold prices at futures trade here, they said.
In the domestic market, gold prices closed at an all-time high of Rs. 32,585 per 10 gram in Mumbai in yesterday’s trade. Meanwhile, gold advanced 0.3 per cent to $1,419.55 an ounce in Singapore.