Gold retouches all-time high mark on jewellers’ buying

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

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

Gold has made considerable gains in the past few days due to ongoing trade conflict between US and China. (Reuters Photo)

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

Silver, however, plunged ₹1,150 to ₹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.

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 ₹50 to ₹38,470 and ₹38,300 per 10 gram, respectively.

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

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

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

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

(The story has been published from a wire feed without any modifications to the text)