Record Gold in India Seen Hurting Jewelry Demand as Rupee Slumps
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Gold advanced to a record in India after the nation’s currency extended a plunge to an all-time low, threatening jewelry demand during the main festival season in the world’s largest consumer.
The contract for delivery in October surged as much as 3.3 percent to 32,933 rupees per 10 grams ($1,555.96 an ounce) on the Multi Commodity Exchange of India Ltd. in Mumbai today. Futures have rallied 33 percent since reaching a two-year low in June as the rupee tumbled about 10 percent, more than the 14 percent gain in bullion priced in dollars.