Gold Prices Return To Recent Record Level: 10 Things To Know

12 Aug 2019, 05:09 PM IST

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

The rise in local demand, along with positive global trend, mainly led to the upward movement in gold prices, the PTI report quoted analysts as saying.
Globally, gold edged up on Monday, to hold above the psychological $1,500 level, as investors demand for safe-haven bullion increased on concerns over slowing global economic growth as the trade war between Washington and Beijing drags on, reported news agency Reuters.
Spot gold was up 0.5 per cent at $1,503.66 per ounce in intraday trade, while US gold futures were also up 0.5 per cent at $1,515.70 an ounce.
The yellow metal has made considerable gains in the past few days due to ongoing trade conflict between the world's two largest economies.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity gained Rs 50 to Rs 38,470 and Rs 38,300 per 10 grams, respectively.
Sovereign gold, however, remained unchanged at Rs 28,600 per eight grams.
On Saturday, the yellow metal had risen by Rs 90 to Rs 38,420 per 10 grams
Meanwhile, silver ready fell by Rs 1,150 to Rs 43,000 per kg on Monday, while weekly-based delivery held steady at Rs 43,324 per kg.
Price of silver coins held flat at Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.
India is the world's second-biggest consumer of gold.