New Delhi: Gold prices were up 0.49% in the domestic futures market in early trade on 21 May, buoyed by firm global markets after crude oil hit a new record high.
The mood of the market remained bullish after gold prices in global markets climbed to a near one-month high after crude oil surged to cross $129 dollars a barrel.
“Gold is climbing on the back of crude and a weakening dollar against Euro,” said Rakesh Anand a gold trader at the MCX. “Rally in crude oil prices, triggered broad-based rally in other commodities such as silver and copper,” he added.
On the Multi Commodity Exchange of India, gold for June delivery was up Rs68, or 0.49% at Rs12,674 per 10 gram after moving in the Rs12,675-12,626 range. The contract has recorded a business volume of 3,050 kg at noon.
The August contract was up another Rs68 at Rs12,710 per 10 gram. It traded in the Rs12,714-12,670 range and registered a business volume of 182 kg.
Meanwhile, in global markets, gold for June delivery shot up $14.40 to $920.20 an ounce after rising to $924.10, its highest since 23 April.