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Gold price nears Rs 40,000; silver soars

Gold price nears Rs 40,000; silver soars

Gold price nears Rs 40,000; silver soars
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By CNBC-TV18 Aug 28, 2019 6:54:47 PM IST (Published)

Resuming its record-setting streak, gold prices jumped on Wednesday to a fresh all-time high on higher demand from local jewellers and the yellow metal's appeal as safe-haven amid global economic concerns.

Resuming its record-setting streak, gold prices jumped on Wednesday to a fresh all-time high on higher demand from local jewellers and the yellow metal's appeal as safe-haven amid global economic concerns. Global gold prices held close to a more than six-year high after rising more than 1 percent in the previous session, as fears of a possible recession and the trade conflict between China and the United States drove investors to safe haven assets.

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Globally, spot gold was flat at $1,542.33 per ounce as of 1222 GMT. US gold futures were up 0.2% at $1,555.
In Delhi, gold prices of 99.9 percent and 99.5 percent purity jumped Rs 300 each at Rs 39,970 and Rs 39,800 per 10 gram, respectively.Sovereign gold soared Rs 300 to Rs 29,800 per eight grams.
Silver ready skyrocketed Rs 2,110 to Rs 48,850 per kg, while weekly-based delivery jumped 1,289 to to Rs 46,416 per kg. Silver coins were in good demand and traded higher by Rs 2,000 at Rs 98,000 for buying and Rs 99,000 for selling of 100 coins.
"Spot gold held steady near a six-year high in the international market supported by increased safe haven demand," said Hareesh V, head (commodity research), Geojit Financial Services.
Hopes of further interest rate cut by the US Federal Reserve amid disappointing economic releases also prompted investors to focus on safer assets like gold, Hareesh added.
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