Local gold futures hit an all-time high of 39,196 rupees ($548.26) per 10 grams in early trade, taking their gains to nearly 25% in 2019.

The rupee plunged to its lowest level in 2019 on Monday after a sharp re-escalation in the U.S.-China trade war whacked investor confidence and darkened the global economic outlook.

Local silver futures were 1% higher at 45,058 rupees per kg, after rising to 45,148 rupees earlier in the day, the highest since Oct. 3, 2016.