Gold prices hit new all-time high but silver rates plunge

Gold prices have surged to fresh all-time high in India, tracking firm global rates. Gold advanced by ₹50 to all-time high mark of ₹38,470 per 10 gram in the national capital, Press Trust of India reported, citing All India Sarafa Association.

Gold prices have surged to fresh all-time high in India, tracking firm global rates. Gold advanced by ₹50 to all-time high mark of ₹38,470 per 10 gram in the national capital, Press Trust of India reported, citing All India Sarafa Association.

Silver prices however plunged today, falling by ₹1,150 to ₹43,000 per kg. In the national capital, gold of 99.9% and 99.5% purity gained ₹50 to ₹38,470 and ₹38,300 per 10 gram, respectively. But silver ready plummeted ₹1,150 to ₹43,000 per kg on Monday, while weekly-based delivery held steady at ₹43,324 per kg.

In global markets, gold prices stayed above the psychological $1,500 level, with spot gold up 0.5% at $1,503.66. Safe-haven demand for gold increased on concerns over slowing global economic growth as the trade war between Washington and Beijing dragged on.

Negative yielding bonds, estimated at around $15 trillion globally, were further supporting bullion, say analysts. In global markets, gold prices have rallied 17% so far this year.

Despite the sharp rise in gold prices this year, analysts from Goldman to Citi to Bank of America Merrill Lynch still remain bullish on the the precious metal.

(With Agency Inputs)

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