Reuters-Gold,high on safe-haven buying

Gold futures continued their record-breaking spree as investors poured money into the safe-haven asset due to a deepening global recession, analysts said. The benchmark April contract witnessed an all-time high of Rs 15,780, before trading 1.81 per cent higher at Rs 15,735.

In 2008, gold soared to its year-high of 14,320 rupees, up 35.1 per cent from its 2007 close, before falling to 11,290 on Oct 24. Gold has more than doubled since 2004. ""Technical breakout has already taken place at 15,676 and there could be further technical buying," Rahman added. Buying is recommended on lower levels of Rs 15,690, with a target of 15,775 and with a stop loss of 15,630, Rahman added.