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India gold futures jump to record, silver at three-year high

An employee of Deutsche Bundesbank tests a gold bar with an ultrasonic appliance during a news conference in Frankfurt. Photograph:( Reuters )

Reuters Mumbai, Maharashtra, India Aug 26, 2019, 09.53 AM (IST)

Gold prices in India jumped 1% on Monday to record levels, following gains in overseas markets and as the rupee fell to the lowest level in 2019, dampening retail demand further in the world's second-biggest consumer of the precious metal, dealers said.

Local gold futures hit an all-time high of 39,196 rupees per 10 grams in early trade, taking their gains to nearly 25% in 2019.

The rupee plunged to its lowest level in 2019 on Monday after a sharp re-escalation in the US-China trade war whacked investor confidence and darkened the global economic outlook.

Local silver futures were 1% higher at 45,058 rupees per kg, after rising to 45,148 rupees earlier in the day, the highest since October 3, 2016.