SRINAGAR: Gold prices surged for the third straight session on Friday, rising Rs 2,011 to a record Rs 1,00,403 per 10 grams on the Multi Commodity Exchange (MCX), driven by a weakening rupee and geopolitical tensions in the Middle East.
The most-traded August contract jumped 2.04 per cent to hit the all-time high during morning trade. It later eased slightly to Rs 1,00,145, still up Rs 1,753, with an open interest of 16,602 lots.
October futures also touched a fresh peak of Rs 1,01,295, up Rs 1,970 or 1.98 per cent.
Analysts attributed the surge to safe-haven demand amid Israel’s strikes on Iran and a sharp fall in the rupee, which slipped 56 paise to 86.08 against the US dollar.
Globally, gold futures rose 1.22 per cent to USD 3,444.02 per ounce. Prices touched a six-week high after breaching the USD 3,420 mark.
According to Mehta Equities, cooling US inflation data also supported the rally, reinforcing hopes that the Federal Reserve may soon shift its policy stance.kashmir life