Rupee fell sharply on Tuesday to its lowest in 10 weeks as a sell-off in global equities ignited fears of foreign fund outflows.
Mumbai: India's benchmark gold futures on the Multi Commodity Exchange extended gains by more than 3 per cent on Tuesday morning and hit a new peak of 26,198 rupees per 10 grams, tailing a rally in the world market and on a weak rupee.
The October contract was trading 3.16 per cent higher at Rs 26,041. It has risen over 11 per cent in August.
Rupee fell sharply on Tuesday to its lowest in 10 weeks as a sell-off in global equities ignited fears of foreign fund outflows.
International spot gold gained more than 2 per cent on Tuesday, roaring to all-time highs for a second consecutive session to stand above $1,750 as equity markets dived on growing fears of a global recession following last week's US credit downgrade.
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