` 17,999 per 10 gram.">

Gold prices hit massive highs

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Global trends have been casting a huge impact on the gold prices of late. Due to the global commodities market trends, the gold prices surged to set a new high of ` 17,999 per 10 gram, during the end of 2009. Weakening dollar is another reason for the gold prices to hit massive highs. The gold prices had just shot of historic ` 18,000 level during the futures trading on the Multi Commodity Exchange counter. The continuous running contracts - December, February, April and June had been trading over the counter at record highs. The gold June contract surged up by ` 205, or 1.15%, gathering a healthy turnover.

Following the same rule, the yellow metal in the April contract shot up by ` 125, or 0.70% to ` 17,945 per ten gram, with the February month contract rising by ` 117, or 0.62% to ` 17,900 per ten gram. The turnover clocked was huge. The December contract gold traded at ` 122, or 0.66% higher at ` 7,844 per ten gram.

Gold prices hit another massive high with the spot trading in Asia touching a record high of $ 1,192.60 per ounce due to more buying of bullion by the Central Bank, making it a lucrative source of investment. The strong marriage season demand was another factor for which gold prices surged up by ` 170, touching an all-time record of over ` 18,000-per ten gram.

This upward trend in the bullion market has been continuing till now, with the yellow metal recording massive highs (standard gold and ornaments both showing a surge in the prices).