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Last Updated : Aug 20, 2019 05:55 PM IST | Source: PTI

Gold touches fresh all-time high of Rs 38,770 on jewellers' buying; silver plunges Rs 1,100

Silver, however, plunged Rs 1,100 to Rs 43,900 per kg on reduced offtake by industrial units and coin makers.


Gold prices August 20 touched a record high of Rs 38,770 per 10 gram in the national capital after gaining Rs 200. Increased demand from local jewellers has been lifting the precious metal even it lost steam overseas, the All India Sarafa Association said.

Besides, a weaker rupee also supported the surge in the yellow metal, traders said.

Silver, however, plunged Rs 1,100 to Rs 43,900 per kg as offtake by industrial units and coin makers declined.

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"Globally, spot gold held steady near $1,500 an ounce weighed down by a strong US dollar and higher-level profit-booking. However, traders remain cautious on taking big positions ahead of the key economic events like the US Federal Reserve's July meeting minutes and Jackson Hole seminar later this week," said Hareesh V, Head (commodity research), Geojit Financial Services.

The US Federal Reserve will kick off its annual Economic Policy Symposium later this week in Jackson Hole, Wyoming, where its chair Jerome Powell is expected to speak on Friday.

He further added that the meeting is expected to offer cues on further interest rate cuts that may influence the trend of the yellow metal. "At the same time, domestic gold prices edged higher to due to a weak Indian rupee".

Meanwhile, in the international market, spot gold was trading lower at 1,496.60 an ounce in New York and silver was down at $16.93 an ounce.

In the national capital, gold of 99.9 percent and 99.5 percent purity gained Rs 200 to Rs 38,770 and Rs 38,600 per 10 gram, respectively.

The precious metal had touched its previous all-time high of Rs 38,670 per 10 gram on Saturday.

Sovereign gold on August 20, however, dropped Rs 200 to 28,600 per eight grams.

Silver ready plunged Rs 1,100 to 43,900 per kg, while weekly-based delivery fell Rs 113 to Rs 43,422 per kg.

Silver coins traded lower and dropped by Rs 2,000 to Rs 89,000 for buying and Rs 90,000 for selling of 100 pieces.

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First Published on Aug 20, 2019 04:15 pm
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