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Gold Prices Hit Record High On Strong Global Cues: 10 Things To Know

Globally, gold prices jumped more than 1% to their highest in more than six years, as the trade war between the United States and China escalated.

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Gold Prices Hit Record High On Strong Global Cues: 10 Things To Know

India is the world's second-biggest consumer of gold.

Gold prices touched a new high of Rs. 36,970 per 10 grams in Delhi on Monday, reported news agency Press Trust of India (PTI). The gold rate went up by Rs. 800 per 10 grams on the back of strong global trend as trade tensions between the United States and China escalated. A weaker rupee also contributed to the rise in the prices of gold as the domestic currency fell by 99 paise to Rs 70.59 against dollar, making imports costlier. Gold prices had risen by Rs 540 to Rs 36,170 per 10 grams on Saturday. Tracking gold, silver also soared by Rs 1,000 to 43,100 per kilogram. The white metal rose due to robust demand from industrial units and coin makers.
Here are key things to know about gold and silver prices today:
  1. "Gold price of Rs 36,970 per 10 grams is the highest in the domestic market till date," Press Trust of India quoted Surendra Jain, vice-president, All India Sarafa Association, as saying.
  2. In Delhi, gold of 99.9 per cent and 99.5 per cent purity surged Rs 800 to Rs 36,970 and Rs 36,800 per 10 grams, respectively.
  3. Sovereign gold also gained by Rs 100 to Rs 27,600 per eight grams.
  4. Globally, gold prices jumped more than 1 per cent to their highest in more than six years, as the escalating trade war between the United States and China along with global growth worries drove investors towards safe-haven assets, reported news agency Reuters.
  5. Spot gold was up 1.1 per cent at $1,456.51 per ounce in intraday trade, after hitting its highest since May 2013 at $1,459.47 earlier in the session.
  6. US gold futures rose 0.8 per cent to $1,468.50 an ounce.
  7. "Spot gold jumped to $1,459.46 an ounce in the international market, its highest level since May 2013. Weak global economic outlook amid escalating trade war tensions, feeble US dollar and downbeat Asian equities lifted the metal's safe haven appeal for investors," PTI quoted Hareesh V, head (commodity research), Geojit Financial Services, as saying.
  8. Silver ready rose by Rs 1,000 to 43,100 per kg, while weekly-based delivery gained by Rs 1,039 to Rs 42,403 per kg. Silver coins held flat at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.
  9. Country's gold consumption dipped 1.5 per cent in 2018 to 760.4 tonnes, below a 10-year average of 838 tonnes, according to data compiled by the World Gold Council.
  10. India is the world's second-biggest consumer of gold. Last month, the government raised import duties on gold and other precious metals to 12.5 per cent from 10 per cent. (With inputs from agencies)




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