Gold Price Rises In The Futures Trade

Of all the precious metals, gold is the most popular as an investment. Investors generally buy gold as a hedge or safe haven against any economic, political, social or currency-based crises but Gold futures price today rose to Rs 18,875 per ten gram increasing by Rs 350 as the traders entered into fresh positions, sources said.

The yellow metal is said to have gained about 8.3 percent in the past two months in the global markets. The gold metal with 99.9 purity rose by Rs 325 to Rs 19,050 per ten gram and the metal with 99.5 purity traded at Rs 18,900 per ten grams, sources said.

Gold futures trading on the Multi Commodity Exchange saw a record high price before settling at Rs 18,649, according to sources.Ever since the Euro crisis began, the demand for gold in the global markets has been increasing. Since then the yellow metal is showing the bullish trend.Besides, the European Central Bank has warned that the European banks would face loan loss of up to 195 billion Euros due to the financial crisis.

At the Multi Commodity Exchange, gold for delivery in June contract traded Rs 71, or 0.38 per cent down at Rs 18,394 per ten gram, with a turnover of 968 lots. It ended 0.20 per cent higher at Rs 18,465 per ten gram in the previous session.