Gold prices in India jumped 1% on Monday to reach another record high as the rupee dropped to its lowest level in 2019 amid an escalating US-China trade war.
Gold prices in India jumped 1% on Monday to reach another record high as the rupee fell to its lowest level in 2019 amid an escalating US-China trade war.
Following the global trend, gold prices jumped early in the trading session and touched a new peak of just over 40,000 rubles for 1
After a sharp escalation in the US-China trade war, gold and silver prices shifted to another six years as investors rushed to safe-haven assets, but precious metal popped up early profits eased tensions between the US-based trade war and China after the US and China agreed to resume trade talks.
Gold ended on a strong note on Friday at 38,810 Russian for 10 grams after growing 1.7%, reaching a new high life span.  The depreciating Indian rupee also helped raise prices. The Indian currency along with other Asian currencies have come under pressure in today's trading due to strong demand for dollars from banks. Later in the afternoon, the rupee was trading at 71.97 against the dollar, falling from its lowest day to 72.25.
Tracking gold, local silver futures were 1% higher at 45,058 Russian per kg after rising to 45,148 Russian earlier in the day, the highest since October 3, 2016. MCX Silver September futures reached a new maximum of 45 342 kg per kg.
Edited by Rupa Burman Roy
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