<p>New Delhi: Gold prices surged for the third consecutive session on Friday, bouncing Rs 2,011 to hit an all-time high of Rs 1,00,403 per 10 grams, as a weakening rupee and escalating tensions in the Middle East drove investors to the safe haven asset.</p>.<p>On the Multi Commodity Exchange (MCX), the most-traded August delivery contracts of the precious metal zoomed Rs 2,011, or 2.04 per cent, to hit a record high of Rs 1,00,403 per 10 grams in the morning trade.</p>.<p>Later, it traded at Rs 1,00,145 per 10 grams, up Rs 1,753, or 1.78 per cent, with an open interest of 16,602 lots on the bourse.</p>.<p>Gold future prices had on April 22 surged Rs 2,048 to hit a fresh record high of Rs 1,00,000 per 10 grams.</p>.<p>Subsequently, the October contract of the yellow metal jumped Rs 1,970, or 1.98 per cent, to hit a fresh peak of Rs 1,01,295 per 10 grams on the MCX.</p>.<p>Analysts said the sharp rally in gold prices was primarily driven by a weaker rupee and heightened geopolitical tensions in the Middle East, which spurred safe-haven demand for the precious metal.</p>.Karnataka gold smuggling case: I-T dept to question Ranya Rao over source of funds.<p>On Friday, rupee declined 56 paise to 86.08 against the US dollar in the initial trade due to a spike in global oil prices and a firm dollar amid rising tensions in the Middle East following Israel's attack on Iran's nuclear sites.</p>.<p>On the global front, gold futures rose $41.62 per ounce, or 1.22 per cent, to trade at $3,444.02 per ounce.</p>.<p>"Gold prices rallied sharply amid escalating Israel-Iran tensions, boosting safe-haven demand. In the morning session, the precious metal breached the USD 3,420 per ounce-mark and hit 6-week highs," Rahul Kalantri, Vice-President of Commodities at Mehta Equities, said.</p>.<p>Kalantri further said the rally in gold was further supported by the US producer price index (PPI) and core PPI data, which indicated cooling inflation in the US.</p>.<p>The data reinforced investor expectations that the US Federal Reserve may begin easing its monetary policy stance in the coming months.</p>
<p>New Delhi: Gold prices surged for the third consecutive session on Friday, bouncing Rs 2,011 to hit an all-time high of Rs 1,00,403 per 10 grams, as a weakening rupee and escalating tensions in the Middle East drove investors to the safe haven asset.</p>.<p>On the Multi Commodity Exchange (MCX), the most-traded August delivery contracts of the precious metal zoomed Rs 2,011, or 2.04 per cent, to hit a record high of Rs 1,00,403 per 10 grams in the morning trade.</p>.<p>Later, it traded at Rs 1,00,145 per 10 grams, up Rs 1,753, or 1.78 per cent, with an open interest of 16,602 lots on the bourse.</p>.<p>Gold future prices had on April 22 surged Rs 2,048 to hit a fresh record high of Rs 1,00,000 per 10 grams.</p>.<p>Subsequently, the October contract of the yellow metal jumped Rs 1,970, or 1.98 per cent, to hit a fresh peak of Rs 1,01,295 per 10 grams on the MCX.</p>.<p>Analysts said the sharp rally in gold prices was primarily driven by a weaker rupee and heightened geopolitical tensions in the Middle East, which spurred safe-haven demand for the precious metal.</p>.Karnataka gold smuggling case: I-T dept to question Ranya Rao over source of funds.<p>On Friday, rupee declined 56 paise to 86.08 against the US dollar in the initial trade due to a spike in global oil prices and a firm dollar amid rising tensions in the Middle East following Israel's attack on Iran's nuclear sites.</p>.<p>On the global front, gold futures rose $41.62 per ounce, or 1.22 per cent, to trade at $3,444.02 per ounce.</p>.<p>"Gold prices rallied sharply amid escalating Israel-Iran tensions, boosting safe-haven demand. In the morning session, the precious metal breached the USD 3,420 per ounce-mark and hit 6-week highs," Rahul Kalantri, Vice-President of Commodities at Mehta Equities, said.</p>.<p>Kalantri further said the rally in gold was further supported by the US producer price index (PPI) and core PPI data, which indicated cooling inflation in the US.</p>.<p>The data reinforced investor expectations that the US Federal Reserve may begin easing its monetary policy stance in the coming months.</p>