The prices of the gold market were being pushed higher with the trends in the overseas markets at it had reached an all time high on Thursday after it pegged at Rs 31,029 for 10 gms which kept spectators engrossed in enlarging positions.

Traders opined that the flash demand created by the domestic market due to the wedding season had been the major reason for the high gold futures at record levels.

The Multi Commodity Exchange witnessed an increase of Rs 352 in December for gold delivery which is 1.23% taking the prices to a new high of Rs 31,029 per 10 gms. This also resulted in a business turnover of 209 lots.

In October the prices had hit Rs 30,699 after it gained Rs 382, 1.30% with the trade turnover of Rs 3,149 lots.

Marketmen feel that the sentiment at the trade were supporting the high prices helping it reach the highest rate in 16 weeks while the dollar had weakened following the speculations in the US central banks. China has also plans to ease the monetary policies to develop their economies which could also rise the demand for gold.

In Singapore, gold prices rose by 1.2 per cent to trade at almost four-month high of USD 1,662.70 an ounce.

(AW- Anil)