Gold futures notched a new all time high level of Rs 23,228/10 gm on Multi Commodity Exchange (MCX) Monday as global price of the yellow metal broke USD 1,600/oz to make new record of USD 1,603.35/oz. MCX silver also surged gaining more than Rs 1,500/kg.

Global market has been on a surge since July 4 on heavy safe haven buying amid concerns over debt in the US and the euro zone. The rally is likely to remain intact and domestic prices will take follow the global trend. Gold in the international market will can rally up to USD 1,650/oz and lower level to USD 1,584/oz, while in the domestic market prices can move higher to Rs 24,000/kg and at the lower range to Rs 22,500/kg.

MCX gold, most active August contract traded at Rs 23,203/10 gm, up Rs 132 and fluctuated between Rs 23,228- 23,094/10gm. Volume was 20,143 lots.