Indian Gold Futures Hit Record High Amid Weak Rupee

Indian gold futures surpassed 100,000 rupees per 10 grams for the first time, reflecting a weak rupee and rising global prices. The record-breaking 2% increase has impacted demand in India, the second-largest market for gold.

Indian gold futures soared above the significant 100,000 rupees per 10 grams mark for the first time ever on Friday morning. This rise was driven by a weakened rupee and increases in global markets, according to dealers.

Domestic gold futures reached a new pinnacle, climbing 2% to a record 100,403 rupees per 10 grams in early trading. This surge has started to curb demand in India, which stands as the second-largest consumer of gold worldwide, dealers commented.

The exchange rate at this time valued the US dollar at 86.1310 Indian rupees, adding additional context to the financial environment influencing these movements.

(With inputs from agencies.)