PTI

New Delhi, Feb 17: Gold prices touched a record high at Rs 15,200 per 10 gram in opening trade in the national capital on Tuesday on frantic buying by stockists as the metal in global markets crossed seven-month high.

The precious metal spurted by Rs 360 to Rs 15,200 per 10 gram, a level-never seen before, solely driven by a rally in overseas markets.

Buying activity sparked after the gold rallied over 960 dollars an ounce to the highest level in the last seven months in Asia as investors bought the metal as an alternative to slumping stocks and to preserve their wealth as the global recession deepens.

Gold in the overseas markets, which set price trend in domestic markets here, shot up to 960.20 dollars an ounce, the highest since July 22, as the benchmark MSCI Asia Pacific Index for stocks tumbled the most in three weeks on concerns that the deepening global recession will drive up funding costs and hurt trade.

The global rally is witnessed at a time when the market is facing heavy rush of buying by retailers for the current marriage season.

Gold futures also hit a new high of Rs 15,050 per 10 gram in early deals on Tuesday, taking cues from the firm trend in other Asian markets, as investors bought the metal as an alternative to slumping equities.

On the Multi Commodity Exchange, gold for August-month contract shot up by 2.31 per cent to Rs 15,050 per 10 gram. The contract clocked business turnover of five lots.

The precious metal shot up by 1.55 per cent to USD 956.20 an ounce in Asia - the highest in seven months - on rising concerns of recession and deepening financial crisis.

Meanwhile, on the MCX counter, far-month June contract moved up by 2.10 per cent to Rs 15,039 per 10 gram, with a turnover of 370 lots, while its April contract gained 2.11 per cent at Rs 15,029 per 10 gram in a turnover of 6,221 lots.