Gold retouches all-time high mark of Rs 38,470 on jewellers’ buying

By: |
Published: August 12, 2019 4:36:04 PM

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

Gold prices, Gold prices in india, Rs 38,470 per 10 gram gold price, price of silver, global gold price, latest gold priceOn Thursday, gold had hit record high price of Rs 38,470 per 10 gram in the national capital. (Reuters)

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.

Also read: TATA Capital NCD issue to open tomorrow, offers up to 8.85% interest; check key details

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.

For latest coverage on Maharashtra Assembly Election 2019 and Haryana Assembly Election 2019, log on to financialexpress.com. We bring you full coverage of Assembly Election 2019 on Financial Express, stay tuned for latest election updates.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.