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Gold hits record high on global rally, weak rupee
Clean Media Correspondent
Mumbai, Aug 27 (CMC) India's benchmark October gold contract extended gains on Monday morning to hit a record high of 31,077 rupees per 10 grams, following a rally in the world markets and on a weak rupee.
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.
Gold hits record high on global rally, weak rupee
Mumbai, Aug 27 (CMC) India's benchmark October gold contract extended gains on Monday morning to hit a record high of 31,077 rupees per 10 grams, following a rally in the world markets and on a weak rupee.
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.
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