Mumbai: India's benchmark gold futures continued their gaining streak on Tuesday morning and hit a fresh peak of Rs 28,265, buoyed by a rally in the world market.
At 10:02 am, the October contract on the Multi Commodity Exchange rose 0.5 per cent to Rs 28,235. It has risen over 20 per cent in August.
International spot gold soared to an all-time high above $ 1,910 on Tuesday, scoring a record top for a fourth consecutive session, as persistent worries about global economic growth burnished bullion's safe-haven appeal.
The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.
The rupee was steady in early trades.
Record high prices could pinch gold demand in India, the world's biggest consumer, during the key festival buying season in September and October, but investment demand will help ensure record imports in 2011, the head of India's leading trade body told Reuters on August 22.
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