Markets

Gold prices hit lifetime high of ₹41,730 per 10 gm

Representational image. File

Representational image. File   | Photo Credit: Reuters

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Silver also witnessed increased buying as it surged ₹1,105 to ₹49,430 per kg from ₹48,325 per kg in the previous trade

Gold prices in the national capital hit an all-time high level on Monday and zoomed ₹720 to ₹41,730 per 10 gram following a pick-up in safe-haven demand for the metal amid weak equities and bullish global trends, according to HDFC Securities.

Silver also witnessed increased buying as it surged ₹1,105 to ₹49,430 per kg from ₹48,325 per kg in the previous trade.

Gold had in the previous trade closed at ₹41,010 per 10 gram.

“Safe-haven demand continued in the precious metal with word of war between the U.S. and Iran. Along with a weaker rupee, rise in international gold prices supported domestic gold prices to trade at life-time high level,” Devarsh Vakil, Head (PCG-Advisory), HDFC Securities, said.

In the global market, gold traded with gains at $1,575 per ounce and, likewise, silver also quoted higher at $18.34 per ounce.

International gold prices at COMEX climbed as much as 2.3% to $1,588.13 an ounce, the highest level since April 2013, and traded at $1,575 an ounce. Along with the other Asian currencies, the rupee traded with a loss of 25 paise amid higher crude oil prices.

In the morning trade, the rupee depreciated 31 paise to 72.11 weighed by the spike in crude oil prices, amid rising concerns over U.S.-Iran tensions.

The Sensex crashed nearly 788 points on Monday as heightened tensions in the Middle East kept investors on edge.

The domestic market witnessed intense sell-off in line with global stocks after U.S. President Donald Trump warned Iran of major retaliation if Tehran carries out any attack against America to avenge the killing of top military commander Qassem Soleimani.

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Printable version | Jan 21, 2020 6:24:05 AM | https://www.thehindu.com/business/markets/gold-prices-hit-lifetime-high-of-41730-per-10-gm/article30494502.ece

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