Gold prices jumps up over Rs 40,000 per 10 gms
Mumbai: Gold prices touching a new high of rupees 40,000 per 10 gram in Mumbai. On MCX, October gold futures were firm today, rising to a new high of Rs 39,340 per 10 grams before paring some gains. They were up 0.45% at 38,945 in latest trade. Tracking gold, silver September futures on MCX also hit a new lifetime high of Rs 45,342 per kg. In the latest trade, silver futures were up 0.78% to Rs 44,952. Escalating trade tensions between US and China and fears of a global recession has pushed gold prices to new highs in global markets.
Asian equity markets were under pressure today as US-China trade tensions sent investors rushing into safe havens such as gold and sovereign bonds. Emerging market currencies, including the rupee, were also under pressure. A weaker rupee increases the imported price of gold in India.