Gold prices in India hit a record on Wednesday on a weakening rupee, despite a marginal fall in the commodity?s rate globally, prompting domestic consumers to defer purchases.
The precious metal scaled a fresh peak of R31,480 per 10 gm in Mumbai on Wednesday, up 0.5% from Tuesday. It had hit a record R 31,400 per 10 gm in Mumbai on Saturday. In Delhi, the price rose 0.4% to an all-time-high of R31,980 per 10 gm. Although some purchases ahead of the marriage season drove up prices, a falling rupee contributed the most to the rise. The rupee continued its slide for a third straight day on Wednesday by losing a hefty 25 paise to close at a nearly 6-week low of 55.91 against the dollar, offsetting any gains due to a fall in global gold prices. Spot gold in the US shed 0.2% to $1,690.71 an ounce in intraday trade, while US gold futures fell 0.14% to $1,693.60 as a set of lacklustre US and European data reinforced hopes for more stimulus by central banks.
