Gold Prices Jump To 14-Month High Amid Rout In Stock Markets: 5 Points

In Delhi, gold of 99.9 and 99.5 per cent purity rallied by Rs 330 each to Rs 31,600 and Rs 31,450 per 10 gram, a level last seen on November 9, 2016.

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Gold Prices Jump To 14-Month High Amid Rout In Stock Markets: 5 Points

Gold prices rose in tandem with overseas trend


New Delhi: Gold prices soared to over 14-month high of Rs 31,600 per ten gram, a level last seen on November 9, 2016. Gold prices rose by Rs 330 at the bullion market, in tandem with overseas trend. Traders said the gains in gold prices also supported by strong demand from local jewellers to meet the wedding season demand. Silver prices also gained and reclaimed the Rs 40,000 per kg mark on the back of increased offtake by industrial units.

5 Things To Know About Gold Price Rise Today:


1) Traders said a massive sell-off in stock markets globally led investors to seek shelter in safe haven investments, particularly precious metals.

2) In global markets, gold was up for a fourth day in the last five, at $1,340 per ounce.

3) The Sensex today slumped nearly 1275 points at day's low, tracking a selloff in global equity markets. Overnight, the US Dow fell over 4 per cent- its biggest selloff in over six years, erasing all of its 2018 gains, while the S&P 500 took a beating. Most of the Asian equity markets followed the suit, with Japan's Nikkei slumping nearly 5 per cent.

4) In Delhi, gold of 99.9 and 99.5 per cent purity rallied by Rs 330 each to Rs 31,600 and Rs 31,450 per 10 gram, a level last seen on November 9, 2016. Sovereign, however, held flat at Rs 24,800 per piece of eight grams.

5) Silver ready surged by Rs 500 to Rs 40,000 per kg and weekly-based delivery by Rs 510 to Rs 38,960 per kg.

(With PTI inputs)


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