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Gold touches all-time high of Rs 38,470 again amid positive overseas trend

PTI     August 12, 2019

Gold prices on Monday retouched the all-time high mark of Rs 38,470 per 10 gram in the national capital after the precious metal advanced by Rs 50 on fresh buying from jewellers amid positive overseas trend, according to the All India Sarafa Association.

On Thursday, gold had hit record high price of Rs 38,470 per 10 gram in the national capital.

Silver, however, plunged Rs 1,150 to Rs 43,000 per kg on reduced offtake by industrial units and coin makers.

According to analysts, the rise in local demand, along with positive global trend, mainly led to the upward movement in gold prices.

Globally, gold was trading higher at USD 1,503.30 an ounce in New York amid growing Sino-US trade tensions after US President Donald Trump on Friday reiterated that he was not ready for a deal with China, prompting investors to move towards safe-haven assets like gold.

The yellow metal has made considerable gains in the past few days due to ongoing trade conflict.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity gained Rs 50 to Rs 38,470 and Rs 38,300 per 10 gram, respectively.

Sovereign gold, however, remained steady at Rs 28,600 per eight gram.

On Saturday, the yellow metal had risen by Rs 90 to Rs 38,420 per 10 gram, while silver gained Rs 140 to Rs 44,150 per kg.

Meanwhile, silver ready plummeted Rs 1,150 to Rs 43,000 per kg on Monday, while weekly-based delivery held steady at Rs 43,324 per kg.

Price of silver coins held flat at Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.

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