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Business News

Aug 08, 2019

Gold prices crossed Rs 38,000 mark for first time

Gold prices today crossed the 38,000 rupees mark for the first time by soaring 550 rupees to hit a fresh high of 38,470 rupees per 10 gram in Delhi bullion market.

The precious mettle surged as investors continued to prefer it as a safe-haven asset amid the ongoing US-China trade tensions and over domestic economic concerns.

Crossing the 44,000 rupees mark, silver surged 630 rupees to hit 44,300 rupees per kg on increased offtake by industrial units and coin makers.

Analysts said international gold prices breaching 1,500 US dollars an ounce yesterday for the first time in six years amid growing US-China trade tensions, mainly prompted investors to rush towards gold.

Besides, concerns over the domestic economic slowdown also lifted the precious metal's appeal.

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