Hyderabad, June 13 -- Gold rates in Hyderabad once again surged on Friday, June 13, to hit an all-time high due to the weakening rupee and escalating tensions in the Middle East.

The price of 10 grams of 24-carat gold reached Rs 10,1400.

On the Multi Commodity Exchange (MCX), the most-traded August delivery contracts of the precious metal zoomed by Rs 2,011, or 2.04 percent, to hit a record high of Rs 1,00,403 per 10 grams in the morning trade.

What analysts say

Analysts said the sharp rally in gold prices was primarily driven by a weaker rupee and heightened geopolitical tensions in the Middle East, which spurred safe-haven demand for the precious metal.

On Friday, the rupee declined by 56 paise to 86.08 against the US dollar in the...