Mumbai: Indian gold futures surged more than 3 percent on Thursday to their highest level in nearly two years, tracking gains in the overseas market and the rupee`s depreciation.
The most active April contract was trading up 3.3 percent at Rs 29,251 (about USD 428) per 10 grams, after rising to Rs 29,290 earlier, the highest level since March 24, 2014.
The price rise has dampened physical demand in the world`s second biggest consumer of the bullion, jewellers said.
In the overseas market, gold surged to its highest in 8-1/2- month as investors bet that the Federal Reserve could find it hard to hike US interest rates this year, while safe-haven demand amid a tumble in equities and the dollar also boosted the metal.
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