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Tuesday, May 21st 10:33 AM IST

Gold at record Rs 31,077 on global rally, weak rupee

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#Fed #global rally #Gold #US

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India’s benchmark October gold contract extended gains on Monday morning to hit a record high of Rs 31,077 per 10 grams, following a rally in the world markets and on a weak rupee.

AFP

International spot gold rose to the loftiest level since mid-April on Monday, extending strong gains from last week as expectations for further monetary easing from the U.S. Federal Reserve kept sentiment buoyant.

However, a price rise is set to trim India’s gold consumption, and subsequently imports, in the peak festive season.

Reuters

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