Gold surges to Rs37,920 per 10 gm as investors seek safe haven
07 Aug 2019
Gold prices in India surged to an all-time high Rs37,920 per 10 grams today, as the precious metal continued to hit new peaks each day. In the international markets, gold rose by a whopping Rs1,113 to hit an all-time high of Rs37,920 per 10 gram as trade tensions between the US and China boosted gold’s safe-haven appeal.
Tracking gold, silver jumped Rs650 to Rs43,670 per kg. Gold of 99.9 per cent purity surged Rs1,113 to Rs37,920, while the 99.5 per cent climbed Rs1,115 to Rs37,750 per 10 gram.
On the MCX, October gold futures surged to a new high of Rs37,848 while silver contracts shot up to Rs43,260. Record high prices have also dented demand, while some people have also been prompted sell old jewellery.
On the international markets, gold futures rallied above $1,500 an ounce on sustained demand for the traditional safe haven as the US-China trade war escalated and investors looked to central banks for guidance amidst slowing global growth.
The metal advanced as much as 1.6 per cent an ounce on the Comex to the highest since 2013. The move extends this year’s climb to 17 per cent, with gains underpinned by inflows into exchange-traded funds and central bank purchases.
China’s central bank expanding its gold reserves for an eighth straight month in July.
India’s Reserve Bank is also reported to have added 60 tonnes of gold to its reserve, recently.