Gold hits all-time high nears Rs 38,000; silver surges Rs 650

New Delhi: Gold prices on Wednesday surged Rs 1,113 to hit an all-time high of Rs 37,920 per 10 gram in the national capital on sustained buying from jewellers amid strong trend overseas as fresh trade tensions between the US and China prompted investors to move towards gold as safe haven asset.

Silver also followed the suit and rose by Rs 650 to Rs 43,670 per kg on increased offtake by industrial units and coin makers.

Analysts said the rise in local demand, coupled with robust global trend, mainly led to the surge in gold prices. "Bullion prices traded higher with international spot gold prices rallying to USD 1,490 on Wednesday. Gold prices witnessed safe haven buying due to global economic uncertainty on trade war escalation and weak investment sentiment," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

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