Gold prices in India jumped 1 per cent on Monday to record levels, following gains in overseas markets and as the rupee fell to the lowest level in 2019, dampening retail demand further in the world's second-biggest consumer of the precious metal, dealers said.
Local gold futures hit an all-time high of 39,196 rupees ($548.26) per 10 grams in early trade, taking their gains to nearly 25 per cent in 2019.
The rupee plunged to its lowest level in 2019 on Monday after a sharp re-escalation in the US-China trade war whacked investor confidence and darkened the global economic outlook.
Local silver futures were 1 per cent higher at 45,058 rupees per kg, after rising to 45,148 rupees earlier in the day, the highest since Oct. 3, 2016.
Courtesy - Reuters