Gold jumps Rs 250 to Rs 89,350 per 10 gm amid rupee depreciation concerns

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Gold jumps Rs 250 to Rs 89,350 per 10 gm amid rupee depreciation concerns - Business Standard

Quick Summary:

Gold prices jumped by Rs 250 to Rs 89,350 per 10 grams on Tuesday extending gains for the second day amid depreciation in rupee, according to the All India Sarafa Association.The gold of 99.5 per cent purity rose by Rs 250 to Rs 88,950 per 10 grams from the previous close of Rs 88,700 per 10 grams.

Global equity markets are also struggling due to Trump's tariff fears and pressure on industrial metals but reversal in the US Treasury yields could support silver prices at lower levels," Rahul Kalantri, VP Commodities at Mehta Equities Ltd, said.

On February 20, gold of 99.9 per cent and 99.5 per cent purity hit all-time highs of Rs 89,450 and Rs 89,050 per 10 grams, respectively.