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Gold Surpasses Rs 38,000-Mark, Registers New Record High: 10 Things To Know

Gold prices gained as investors continued to buy the yellow metal amid the ongoing trade tensions between the United States and China.

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Gold Surpasses Rs 38,000-Mark, Registers New Record High: 10 Things To Know

Sovereign gold on Thursday also rose by Rs 700 to Rs 28,500 per eight grams.

Gold rose for second straight day and rose above Rs 38,000-mark for the first time. Gold price jumped by Rs 550 on Thursday, news agency Press Trust of India reported. Gold prices gained as investors continued to buy the yellow metal, considered as a safe-haven asset, amid the ongoing trade tensions between the United States and China and domestic economic concerns, the report said. Prices of gold had risen by Rs 1,113 on Wednesday. Silver prices also surged by Rs 630 to cross the Rs 44,000-mark. It touched Rs 44,300 per kilogram on increased offtake by industrial units and coin makers.
Here are ten things to know about gold and silver prices today:
  1. In Delhi, gold of 99.9 per cent and 99.5 per cent purity surged Rs 550 each to Rs 38,470 per 10 grams and Rs 38,300 per 10 grams, respectively, according to the All India Sarafa Association.    
  2. Sovereign gold on Thursday also rose by Rs 700 to Rs 28,500 per eight grams.
  3. Analysts said international gold prices breaching $1,500 an ounce on Wednesday for the first time in six years amid growing US-China trade tensions mainly prompted investors to rush towards gold.    
  4. Globally, gold held steady on Thursday, hovering near the level of $1,500, supported by uncertainties around China-US trade war and a slew of interest rate cuts by global central banks amid fears of an economic slowdown, reported news agency Reuters. 
  5. Spot gold was little changed at $1,500.20 per ounce in intraday trade. US gold futures were down 0.4 per cent at $1,513 an ounce.
  6. "Policy easing by central banks around the world amid slowing economic outlook and intensifying trade dispute between US and China lifted gold's safe haven demand," Press Trust of India quoted Hareesh V, head (commodity research), Geojit Financial Services, as saying.
  7. The Reserve Bank of India on Wednesday reduced its growth projection for the Indian economy to 6.9 per cent for the current financial year as compared with 7 per cent predicted in June. It also cut the repo rate by 35 basis points to 5.4 per cent.    
  8. A weak dollar and geopolitical tensions in Middle East also aided lower level support to the commodity, added Mr Hareesh. 
  9. Silver ready climbed by Rs 630 to 44,300 per kg and weekly-based delivery jumped by Rs 745 to Rs 43,730 per kg. Silver coins traded higher by Rs 1,000 at Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces. 
  10. Earlier this week, Reuters reported citing a government source that India's gold imports in July plunged 55 per cent from a year ago to the lowest level in three years as a rally in local prices to a record high and a hike in import taxes curtailed demand.




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