Gold hit a 8-month high

Gold hit a 8-month high on global cues, experiencing a jump of Rs 75, with standard and pure gold quoting at Rs 9,650 and Rs 9,700 per 10 grams, respectively, on Monday "� a level not seen since March 1.

However, the rangebound rupee smoothened the impact of the sky-rocketing gold in London, where the yellow metal hit the roof at $758.10 in early trade. Traders remained bullish on the commodity, especially since the 0.5 per cent Fed rate cut.

The Indian rupee was in the 39.31 level throughout the day, thus minimising the possibilities of a further strengthening in the gold price.

The December futures on the MCX, however, jumped by Rs 60 to close the morning session on Monday at Rs 9,649 per 10 grams as against Rs 9,589 per 10 grams the previous day.