India’s benchmark gold futures on the Multi Commodity Exchange extended gains by more than 3% on Tuesday morning and hit a new peak of Rs. 26,198 per 10 grams, tailing a rally in the world market and on a weak rupee.
The October contract was trading 3.16% higher at Rs. 26,041. It has risen over 11% in August.
Rupee fell sharply on Tuesday to its lowest in 10 weeks as a selloff in global equities ignited fears of foreign fund outflows.
International spot gold gained more than 2% on Tuesday, roaring to all-time highs for a second consecutive session to stand above $1,750 as equity markets dived on growing fears of a global recession following last week’s US credit downgrade.
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