Mumbai: Gold contract for October on Monday hit a record high of Rs 31,077 per 10 grams, supported by a rally in the global markets and weak rupee.
Traders said gold's rally in the global markets where it recorded biggest weekly gain since January amid speculation that the Federal Reserve will take additional steps to spur the economy, boosting the metal's demand as an inflation hedge, influenced trading sentiments.
However, a price rise is set to trim India's gold consumption, and subsequently imports, in the peak festive season.
On Delhi bullion market, Gold added Rs 185, registering gains for the sixth day in a row on Saturday, while silver added Rs 950 to Rs 57,800 per kg on increased buying.
First Published: Monday, August 27, 2012, 13:07