16
Monday
September 2019
11:59 AM IST
News Headlines
Sourabh wins Vietnam Open Super 100 title        England close in on Ashes-levelling win after Broad double        Air India posts Rs 4,600 cr operating loss in 2018-19; aims operating profit this fiscal        SBI to move RBI to offer fixed-floating rate home-loans: Chairman        Hong Kong returns to violence with tear gas and Molotovs        36 people missing after boat sinks in Congo river: DRC police        Underfire PM calls up Hulk, claims 'huge' Brexit progress        Dearth of quality people in north India: Labour minister on unemployment        Will implement NRC in Haryana, says Khattar        One nation-one language will never be a reality: Jairam Ramesh        21 Indians killed in 2,050 ceasefire violations by Pak this year: MEA        We need to take advantage of India's inexperienced pace attack: Klusener        India's contrasting training camps at World Championships        Inflation under control, clear signs of revival in factory output: FM        China to lift punitive tariffs on US soybeans, pork        Former PM Cameron 'sorry' for Brexit divisions        Pakistani cleric Tahirul Qadri quits politics, resigns from party        Afghan government says elections first, peace deal after        My govt committed to the welfare of peasants & also to promote industry: Mamata        Amend Constitution to ensure use of Indian languages in SC, high courts: Paswan        
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Business News
Gold hits fresh all-time high of Rs 39,670; silver soars Rs 1,450
 
New Delhi: Rising for the fifth consecutive day, gold prices on Monday again surpassed its previous high by surging Rs 675 to Rs 39,670 per 10 gram in the national capital, according to the All India Sarafa Association, mainly due to a weaker rupee and strong global trend.

Gold prices have been hitting a fresh high everyday since August 20.

Silver also soared Rs 1,450 to Rs 46,550 per kg on fresh offtake by industrial units and coin makers.

According to analysts, apart from persistent buying from jewellers, a weaker rupee and positive trend overseas were among the factors that aided the rally in gold prices.

"Globally, gold rallied to a fresh six-year high of USD 1,554.56 an ounce in the international market (during the day). Retaliatory tariffs by the US and China in the previous week diminished hopes of an immediate trade deal that lifted gold's safe-haven appeal. Also, feeble global equities and signs of escalating fragile global economic sentiments prompted investors to find shelter in safe assets like the yellow metal," said Hareesh V, head (commodity research), Geojit Financial Services.

He added that in the domestic market, prices surged to all-time highs supported by a strong international market and a feeble rupee.

The domestic currency plummeted 42 paise to 72.08 against the US dollar in early trade, due to strong dollar demand from banks and importers amid unabated foreign fund outflows

Meanwhile, spot gold in the international market was trading higher at USD 1,529 an ounce in New York and silver was up at USD 17.68 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose Rs 675 each to Rs 39,670 and Rs 39,500 per 10 gram, respectively.

Sovereign gold surged by Rs 700 to 29,500 per eight grams.

On Saturday, the bullion market in the national capital was closed on the account of 'Janmashtami'.

Silver ready on Monday surged Rs 1,450 to Rs 46,550 per kg, while weekly-based delivery jumped Rs 1,625 to Rs 45,291 per kg.

Silver coins were in good demand and traded higher by Rs 3,000 to Rs 94,000 for buying and Rs 95,000 for selling of 100 coins.


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INTERNATIONAL NEWS
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