Gold Tops Rs 40,000-Mark For The First Time: 10 Things To Know

29 Aug 2019, 04:44 PM IST

Gold prices had soared by Rs 300 to close at Rs 39,970 per 10 grams on Wednesday.

Lingering worries over a possible global recession and uncertainty over the US-China trade talks boosted the demand for safe-haven bet gold, traders said.
Fresh buying by jewellers ahead of the festive season also aided the rally in the precious metal.
"Gold prices have kept the firm trading so far on mixed global cues as inverse bond yields from the US and Germany have raised economic slowdown fears," news agency PTI quoted Tapan Patel, senior analyst (commodities), HDFC Securities as saying.
"The development on Brexit will be the next thing for the markets to watch out while progress in US-China trade talks and US Federal Reserve's stance (on rate cuts) are constant factors to determine the price trend for gold," Mr Patel added.
Globally, spot gold was steady at $1,538.36 per ounce in intraday trade. Prices scaled $1,554.56 an ounce on Monday, their highest since April 2013.
US gold futures were down 0.1 per cent at $1,547.10.
In Delhi, gold of 99.9 per cent and 99.5 per cent purity soared by Rs 250 each to Rs 40,220 and Rs 40,050 per 10 grams, respectively.
Sovereign gold surged by Rs 400 to Rs 30,200 per eight grams.
Silver ready rose by Rs 200 to Rs 49,050 per kg, while weekly-based delivery climbed Rs 814 to to Rs 47,230 per kg.
Silver coins traded higher by Rs 3,000 at Rs 1,01,000 for buying and Rs 1,02,000 for selling of 100 coins.