Gold futures hits record of Rs 21,227 on global cues

Also, firm demand at the spot markets supported the uptrend in gold futures here.
At the Multi Commodity Exchange, gold for delivery in June rose by Rs 50, or 0.23 per cent, to Rs 21,222 per 10 grams, with a business turnover of 10 lots.

Similarly, the metal for delivery in August gained Rs 49, or 0.23 per cent, to Rs 21,520 per 10 grams, with an open interest of two lots.

Analysts attributed the rise in gold futures prices to a firming trend overseas, where it climbed to a record high as concerns over accelerating inflation, financial turmoil in Europe and fighting in Libya raised its demand as an alternative investment.

Meanwhile, gold rose by 0.60 per cent to an all-time high of USD 1,466.10 an ounce in Asian region.