Gold prices reclaimed the $1,500 mark for the first time since November 4 as US recession fears prompted investors to seek safety in the precious metal.
The yellow metal's price was also supported by disappointing US economic data and concerns relating to US-China interim trade deal. Gold acted as a hedge during times of political and financial uncertainty.
Spot Gold breached key resistance of $1,484 per troy ounce on December 23 and traded above $1,500 psychological mark on December 24 after trading in the range of $1,450-1,485 for over a month.
US Gold futures for February delivery gained $15.70 at $1,504.40 an ounce of December 24.
With a rise of 17.24 percent, 2019 has been one of the best years for the precious metal.
Indian Gold futures for February delivery settled up Rs 396, or 1.04 percent at Rs 38,653 per 10 gram in a turnover of 15,833 lots.
The retail gold price in Mumbai rose Rs 164 at Rs 38,445 per 10 gram yesterday on a weaker rupee. 22-carat gold in Mumbai was sold at Rs 35,216 plus 3 percent GST and 18-carat gold quoted at Rs 28,834 plus GST.
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