Gold prices on Tuesday touched a record high of ₹38,770 per 10 gram in the national capital after gaining ₹200 on persistent buying from jewellers even as the precious metal lost steam overseas, according to the All India Sarafa Association.
Silver, however, plunged ₹1,100 to ₹43,900 per kg on reduced offtake by industrial units and coin makers.
Despite weak trend overseas, the precious metal gained in the domestic spot market mainly on increase in demand from jewellers, traders said.
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Besides, a weaker rupee also supported the surge in the yellow metal, they added.
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“.
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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% and 99.5% purity gained ₹200 to ₹38,770 and ₹38,600 per 10 gram, respectively.
The precious metal had touched its previous all-time high of ₹38,670 per 10 gram on Saturday.
Sovereign gold on Tuesday, however, dropped ₹200 to 28,600 per eight grams. Silver ready plunged ₹1,100 to 43,900 per kg, while weekly-based delivery fell ₹113 to ₹43,422 per kg.
Silver coins traded lower and dropped by ₹2,000 to ₹89,000 for buying and ₹90,000 for selling of 100 pieces.