Gold futures jump nearly 25% to Rs 39,196 per 10 gram, silver at three-year high in early trade on global cues

On Friday, gold prices rose Rs 25 to reach a record high of Rs 38,995 per 10 gram in the national capital continuing its record-setting trend for the fourth consecutive day amid a weaker rupee.

Reuters August 26, 2019 11:05:01 IST
Gold futures jump nearly 25% to Rs 39,196 per 10 gram, silver at three-year high in early trade on global cues
  • Local silver futures were 1% higher at Rs 45,058 per kg after rising to Rs 45,148 earlier in the day

  • On Friday, gold prices rose Rs 25 to reach a record high of Rs 38,995 per 10 gram in the national capital

  • In New York, spot gold was trading lower at $1,496.30 an ounce, while silver was almost flat at $17.11 an ounce

Mumbai: Gold prices jumped 1 percent 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 Rs 39,196 ($548.26) per 10 grams in early trade, taking their gains to nearly 25 percent 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.

Gold futures jump nearly 25 to Rs 39196 per 10 gram silver at threeyear high in early trade on global cues

Representational image. Reuters

Local silver futures were 1 percent higher at Rs 45,058 per kg, after rising to Rs 45,148 earlier in the day, the highest since 3 October 2016.

On Friday, gold prices rose Rs 25 to reach a record high of Rs 38,995 per 10 gram in the national capital continuing its record-setting trend for the fourth consecutive day amid a weaker rupee, reported PTI.

Gold prices have been hitting a fresh high every day since Tuesday.

Meanwhile, silver held steady at the previous level of Rs 45,100 per kg.

Even as the precious metal lost steam overseas, persistent buying from jewellers mainly led to the rise in gold prices, traders said.

In New York, spot gold was trading lower at $1,496.30 an ounce, while silver was almost flat at $17.11 an ounce.

"Globally, gold traded weak with international spot gold prices falling below $1,500 on Friday on positive US equity futures and stronger dollar index," HDFC Securities senior analyst (commodities) Tapan Patel said.

Traders are awaiting the key Jackson Hole meeting for cues on gold prices. Fed Chair Jerome Powell's speech on Friday will be crucial for markets to get clarity over future rate cuts which may affect gold prices, Patel said.

In the national capital, gold of 99.9 percent purity advanced Rs 25 to Rs 38,995 per 10 gram, while that of 99.5 percent gained Rs 5 to Rs 38,825 per 10 gram.

Sovereign gold stood steady at 28,800 per eight gram.

Silver ready held flat at 45,100 per kg, while weekly-based delivery declined Rs 99 to Rs 43,666 per kg.

Silver coins held flat at Rs 91,000 for buying and Rs 92,000 for selling of 100 coins.

With PTI inputs

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