India’s gold prices rise nearly 25%, reach fresh record high of Rs 39,196 per 10 gram

Continuing its record-setting trend for the sixth consecutive day, gold futures rose nearly 25 percent further to reach a record high of Rs 39,196 on Monday.

The price of the yellow metal has been hitting a new record high everyday since last Tuesday.

Silver futures were also higher by 1 percent to Rs 45,058 per kg, after rising to 45,148 rupees earlier in the day, the highest since October 2016.

On Friday gold prices surged 2 percent following US Federal Reserve Chair Jerome Powell`s speech that the Fed is moving toward a dovish monetary policy stance.

The ongoing trade war fears between US and China also weighed on the price of gold.

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