On February 24th, gold futures for April delivery hit a fresh record high above Rs 43,000 per 10 gm, tracking gains in international spot prices and a weaker rupee.
Global gold prices rose more than 2 percent in more than seven years to their peak, as an increase in coronavirus cases outside China forced investors to take refuge in safe-haven metal, said reports.
Last week, prices of gold and silver boosted gains. Global gold prices reached a fresh seven-year high and silver scaled a new high as well. During the week, gold and silver prices in the domestic market increased more than 4 per cent.
Meanwhile, the rupee fell to 71.89 against today's US dollar, reflecting weakness in other Asian currencies.A fall in the rupee raises India's landed cost of gold as the nation imports most of its bullion requirements. Most people prefer to invest in gold because there is a constant boom.