Gold hits record high, nears Rs 40,000 per 10 gram

Gold prices rose 1.33 per cent to Rs 39,282 per 10 gram in futures trade on Monday as speculators widened their bets tracking a firm trend overseas.

On the Multi Commodity Exchange, gold for delivery in most-traded October traded higher by Rs 517, or 1.33 per cent, to Rs 39,282 per 10 gram in a business turnover of 4,337 lots.

The yellow metal contracts for December delivery also traded higher by Rs 551, or 1.4 per cent, to Rs 39,896 per 10 gram in a business turnover of 280 lots.

Analysts said the rise in goldprices was mostly on the back of fresh positions built up by the participants tracking positive cues from global markets.

Globally, gold rose 0.92 per cent at USD 1,551.70 an ounce in New York.