Gold futures hit lifetime high of Rs 89,796/10g

New Delhi, Mar 20 (PTI) Gold prices maintained a rising momentum for the third consecutive session to reach another all-time high of Rs 89,796 per 10 grams on Thursday, following a firm trend in global markets.

On the Multi Commodity Exchange (MCX), the precious metal contracts for April delivery hit a record high of Rs 89,796 per 10 grams in the morning trade.

Later, the yellow metal pared its gains and was trading Rs 268 or 0.3 per cent higher from the previous close at Rs 88,870 per 10 grams, with a business turnover of 13,084 lots.

Investors continued their safe-haven asset purchasing following the US Federal Reserve’s constant stance on the interest rate, according to analysts.

Globally, gold futures touched a lifetime high at USD 3,065.09 per ounce in New York.

“Gold rallies to another historic high in international markets after the US Federal Reserve held interest rates steady as anticipated, but signalled a possible reduction in borrowing costs by half a percentage point by the end of this year,” Rahul Kalantri, VP of Commodities at Mehta Equities Ltd, said.

Both dollar index and bond yields maintained at low also boosted gold prices, he added.