Gold prices in India touched its all-time high on the Multi Commodity Exchange (MCX) Monday in line with the international spot prices that rose to its highest in more than seven years as a weak global economic outlook and worsening of US-China relations increased safe-haven appeal. Fall in Indian rupee also aided yellow metal prices in the domestic market, analysts said.
At 11:25 am, gold futures for June delivery surged 1.14 percent or Rs 539 to Rs 47,920 per 10 grams as against the previous close of Rs 47,381 and opening price of Rs 47,659 on the MCX.
Data out on Friday showed US retail sales and industrial production both plunged in April, putting the economy on track for its deepest contraction since the Great Depression. Adding to the bleak economic scenario was renewed Sino-US friction, a Reuters report said.
Panthera Resources Plc (LON:PAT) was incorporated in the UK and Wales in 2017. The company is focused on its gold exploration and development projects in India and West Africa and the optimisation of other mineral projects.