HYDERABAD: Unending tariff wars coupled with weaker-than-expected US macroeconomic data and a depreciating rupee, fuelled gold’s rise to record highs in the Indian market on Thursday. The yellow metal crossed the Rs 1.02 lakh/10 gm mark to hit a high of Rs 1,02,155 on MCX and was quoting at all-time highs of Rs 1,02,700 and Rs 1,02,550 in local spot markets like Delhi and Hyderabad, respectively. This was despite international gold prices being well below their all-time highs of around $3,509/Oz. “A depreciating rupee is adding fuel to the fire. The rising trend is likely to continue as gold is likely to move out of the resistance zone of $3,450 to $3,800 now,” said Surendra Mehta, national secretary, India Bullion and Jewellers Association.
