gold silver futures prices september 5 2011 : India's benchmark gold futures jumped nearly 2 percent on Monday afternoon to hit a record high of 28,350 rupees, buoyed by a rally in the world market and on a weak rupee.
Meanwhile, gold prices rose back above $1,900 an ounce in London as expectations grew that United States could implement a further round of monetary easing after Friday's weak payrolls data, while concerns over the euro zone debt crisis resurfaced.
Spot gold was up 0.9 percent at $1,901.50 an ounce at 0916 GMT. It is one of this year's best-performing commodities, up by more than a third in 2011 to date.
Gold had a choppy month in August, peaking at a record $1,911.46 an ounce and trading within its biggest range in absolute terms since January 1980, when gold hit a record $835 an ounce, or above $2,000 in inflation-adjusted terms. Read Gold prices prediction september 2011
Managed money in gold futures and options reduced their net length for a fourth straight week to August 30, the latest data from the U.S. Commodity Futures Trading Commission showed late on Friday.
"Current positioning is in line with the year-to-date weekly average, and considering the uptick in both U.S. and European risks this week, we certainly don't consider current spec positioning as been excessive," UBS said in a note.
Sales of gold and silver American Eagle coins were at their highest since January in August, meanwhile, data from the U.S. Mint showed. The Mint sold 112,000 ounces of gold coins and 3.68 million ounces of silver coins last month.
Gold prices quickly shrugged off news that the Shanghai Gold Exchange had temporarily raised trade margins -- which cover the risk of default -- for its gold and silver forward contracts.
A margin requirement hike on COMEX gold contracts was instrumental in pulling gold from record highs last week.
"It's not going to have a major effect," said Standard Bank's de Wet. "A lot of demand we see out of Asia is physical rather than speculative."
Among other precious metals, silver was flat at $43.19 an ounce. Holdings of the world's largest silver-backed exchange-traded fund, the iShares Silver Trust , rose 35 tonnes on Friday, the trust said.
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