Tracking global cues and domestic headwinds imminent on the back of depreciating rupee which slid to levels below 70 mark and continuing sell off in the Indian equities by foreign funds, the yellow metal is making new highs almost every day. On the MCX, gold contracts to be traded in August and October have both hit new highs, surging almost 1.75% each.
In the global markets, gold has been strengthening owing to the massive sell off in equity amid fresh round of US-China trade war which spooked economic growth concerns yet again and in its backdrop gold as a safe haven gained appeal.
Gold in the international market is up 0.65% to $1,450.41 per ounce.
It is widely expected that gold prices will remain supported due to lower interest rates, huge scale buying in bullion by global central banks and renewed investor interest in the precious metal.