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  • Gold rate today: Yellow metal at Rs 25,540 up Rs 298 from its previous close

    The October contract on the Multi Commodity Exchange of India was at Rs 25,540, up Rs 298 from its previous close.

    In morning benchmark gold futures extended gains by more than 3 per cent and hit a new peak of Rs 26,198 per 10 grams, tailing a rally in the world market and on a weak rupee. It has risen over 11 percent in August.

    Rupee fell sharply to its lowest in 10 weeks as a selloff in global equities ignited fears of foreign fund outflows.

    International spot gold gained more than 2 percent on Tuesday, roaring to all-time highs for a second consecutive session to stand above $1,750 as equity markets dived on growing fears of a global recession following last week's US credit downgrade.

    Asian shares tumbled on Tuesday as investors scrambled to adjust to a rapid downgrade in the outlook for US and global economic growth, but later staged a sharp rebound from early lows, helping cushion expected losses in Europe.

    US S&P 500 index futures pulled back sharply from earlier lows and crept into positive territory, while European index futures also pared early losses and were trading down around 0.5 percent.
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