Gold futures surge to record high

At the Multi Commodity Exchange (MCX),gold for October-month contract surged by Rs 305,or 1.69 per cent to Rs 18,359 per ten gram,with an open interest of 393 lots.

The metal for delivery in June-month contract also shot up by Rs 283,or 1.58 per cent to Rs 18,180 per ten gram,with a trading volume of 14,648 lots. The gold set a record high level of Rs 18,294 per ten gram in futures trade on December 3.

Marketmen said,heavy buying by speculators triggered by a strong rally in overseas market on concern over sovereign debt mainly led to a rise in gold prices at futures trade.

Meanwhile,gold rose to an all-time high of USD 1,234.93 an ounce in Singapore.