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This Article is From Aug 28, 2019

Gold Resumes Record Breaking Spree After A Day's Break

In Delhi, gold of 99.9 per cent and 99.5 per cent purity jumped Rs 300 each at Rs 39,970 and Rs 39,800 per 10 grams, respectively.

Gold Resumes Record Breaking Spree After A Day's Break

Sovereign gold surged by Rs 300 to Rs 29,800 per eight grams.

Resuming its record run, gold prices hit an all-time high of Rs 39,970 per 10 grams in Delhi on Wednesday. The prices of yellow metal jumped Rs 300 on higher demand from jewellers. Gold's appeal as a safe-haven asset also added to bullish sentiment among traders amid global economic concerns. After rising for five consecutive days, gold prices held steady on Tuesday. Silver prices on soared by Rs 2,110 to Rs 48,850 per kilogram. The jump came on positive trend overseas and strong demand from industrial units and coin makers.

Here are 10 things to know:

  1. Traders and analysts said higher uptake by local jewellers ahead of festive season and investors preferring the yellow metal as a safe-haven asset helped the yellow metal touch its new all-time high level.

  2. In Delhi, gold of 99.9 per cent and 99.5 per cent purity jumped by Rs 300 each to Rs 39,970 and Rs 39,800 per 10 grams, respectively.

  3. Sovereign gold surged by Rs 300 to Rs 29,800 per eight grams.

  4. "Spot gold held steady near a six-year high in the international market supported by increased safe haven demand," news agency PTI quoted Hareesh V, head (commodity research), Geojit Financial Services as saying.

  5. Globally, gold eased on Wednesday, after rising over 1 per cent in the previous session on fears of a possible recession, but held close to a more than six-year high on hopes of a rate cut by the US central bank and uncertainties around the Sino-US trade talks.

  6. Spot gold was down 0.3 per cent at $1,537.21 per ounce in intraday trade. On Monday it touched $1554.56, its highest in over six-years.

  7. US gold futures were down 0.3 per cent at $1,546.50 an ounce.

  8. Recession fears accompanied by weak global growth outlook and trade talk uncertainties between the US and China have been boosting the yellow metal's safe haven demand. Moreover, a weaker rupee vis-a-vis dollar is also supporting the rally in gold, Mr Hareesh added.

  9. In US, the yield curve inversion on Tuesday deepened to levels not seen since 2007, rekindling fears of a looming recession and making the yellow metal attractive as a safe-haven asset.

  10. Silver ready jumped by Rs 2,110 to Rs 48,850 per kg, while weekly-based delivery gained by 1,289 to to Rs 46,416 per kg. Silver coins traded higher by Rs 2,000 at Rs 98,000 for buying and Rs 99,000 for selling of 100 coins.



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