Gold futures climbed to a fresh high of Rs 28,800 per 10 grams on Tuesday, tracking a firming trend overseas, where the rate topped $1,910 an ounce as global financial turmoil raised demand for the metal as a safe haven.
All the running contracts -- for October, December and February delivery -- were trading at record highs.
At the Multi Commodity Exchange, gold for delivery in February shot up by another Rs 224, or 0.85 per cent, to Rs 28,800 per 10 grams, with a business turnover of six lots.
Similarly, the metal for delivery in December rose by Rs 163, or 0.48 per cent, to trade at a record high of Rs 28,519 per 10 grams, with a trading volume of 121
lots.
Gold for delivery in October spurted by Rs 171, or 0.45 per cent, to trade at a record high of Rs 28,265 per 10 grams, clocking a business turnover of 2,099 lots.
Market analysts attributed the skyrocketing gold futures prices to a firming trend overseas as concerns about slowing economic growth and the debt crisis spurred demand for the precious metal as an alternative investment.
Meanwhile, spot gold prices climbed by 0.8 per cent to an all-time high of $1,913.50 an ounce in the Asian region.