The price of gold crossed the record high on Wednesday in futures trading. Traders and analysts believe that the rising commodity prices were due to the US banking crisis, which led people to seek safe havens to park their funds.
Analysts also alleged that fresh positions created by participants is one of the reasons for the rise in the price of the yellow metal.
Gold futures rose by Rs 976 to Rs 60,359 per 10 grams in Monday’s trade on the Multi Commodity Exchange (MCX) as investors opened fresh positions in response to strong demand in the spot market.
Gold futures for delivery in April rose by Rs 976, or 1.64 per cent, to Rs 60,359 per 10 grams on the Multi Commodity Exchange, with a business turnover of 8,789 lots.
Globally, gold traded higher by 1.53 per cent at USD 2,020.70 an ounce.