Mumbai, May 08: Gold prices surged to a five-month high by touching Rs 18,000 per ten gram in futures trading on brisk buying by speculators, tracking a firming global trend on weaker dollar.
The gold at the Multi Commodity Exchange for December contract shot up by Rs 563 to Rs 18,000 per ten gram on increased demand for the metal in overseas markets. The contract recorded a business volume of five lots.
Similarly, the precious metal for June contract jumped up by Rs 110 to Rs 17,873 per ten gram in trading of 18,076 lots.
Buying activity picked up in the futures trading after the metal in overseas markets surged by 33.20 dollar to 1208.80 dollar an ounce on weakening dollar.
The appeal for the yellow metal increased in overseas markets as Greece sovereign debt crisis deepened which pulled down sentiment in forex and equity markets.
—-Agencies