Gold Prices Hit New All-Time High Of Rs 39,670, Silver Soars Rs 1,450
Rising for the fifth consecutive day, gold prices today rose Rs 675 per 10 gram hit a fresh all-time high of Rs 39,670 per 10 gram in New Delhi, mainly due to a weaker rupee and a strong global demand.
Gold prices have been hitting a fresh high every day since Aug. 20. Silve prices rose Rs 1,450 to Rs 46,550 per kg on fresh offtake by industrial units and coin makers.
According to analysts, apart from persistent buying from jewellers, a weaker rupee and positive trend overseas were among the factors that aided the rally in gold prices today.
"Globally, gold rallied to a fresh six-year high of $1,554.56 an ounce in the international market (during the day). Retaliatory tariffs by the U.S. and China in the previous week diminished hopes of an immediate trade deal and lifted gold's safe-haven appeal,” said Hareesh V, head (commodity research), Geojit Financial Services Ltd..
“Also, feeble global equities and signs of escalating fragile global economic sentiments prompted investors to find shelter in safe assets like the yellow metal," he said.
In Delhi, gold of 99.9 percent and 99.5 percent purity rose Rs 675 each to Rs 39,670 and Rs 39,500 per 10 gram, respectively. Sovereign gold surged by Rs 700 to 29,500 per eight grams.
Silver ready on Monday surged Rs 1,450 to Rs 46,550 per kg, while weekly-based delivery jumped Rs 1,625 to Rs 45,291 per kg. Silver coins were in good demand and traded higher by Rs 3,000 to Rs 94,000 for buying and Rs 95,000 for selling of 100 coins.
Delhi's bullion market was closed on Saturday on account of 'Janmashtami'.