MUMBAI (Reuters) – Gold prices in India jumped 1% 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% in 2019.
The rupee plunged to its lowest level in 2019 on Monday after a sharp re-escalation in the U.S.-China trade war whacked investor confidence and darkened the global economic outlook.
Local silver futures were 1% higher at 45,058 rupees per kg, after rising to 45,148 rupees earlier in the day, the highest since Oct. 3, 2016.
Reporting by Rajendra Jadhav; editing by Uttaresh.VOur Standards:The Thomson Reuters Trust Principles.