Gold prices surged to an all-time high of Rs 85,680 per 10 grams in futures trading on Monday, driven by strong global cues. On the Multi Commodity Exchange or MCX, April gold contracts hit a record high of Rs 85,680 per 10 grams during early trade before paring some gains.
The contract was last trading at Rs 85,674 per 10 grams, up Rs 786 or 0.93%, with an open interest of 17,497 lots.
In global markets, gold futures climbed 1.13% to reach a lifetime high of $2,921.91 per ounce in New York. Analysts attributed the rally to rising trade tensions between the US and China, which have fuelled demand for gold as a safe-haven asset.
"US President Donald Trump...kick-started a trade war as he followed through on his threat to impose new duties on China, though he granted Mexico and Canada a one-month reprieve," Manav Modi, analyst - commodity research at MOFSL, told PTI.
(With inputs from PTI)
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