A 50 gram standard gold bar is displayed at the National Indian Bullion Refinery (NIBR)'s gold and silver refinery in Mumbai on November 6, 2009.  The price of gold surged to a record peak of 1,095.80 dollars an ounce at the world market in trading earlier this week in the wake of the International Monetary Fund's massive sale of the precious metal to India. The IMF announced November 3 it sold 200 tonnes of gold to India's central bank over a two-week period in October for a total of 6.7 billion dollars to bolster its finances as it increases lending amid the global economic crisis. India is the world's biggest consumer of gold, importing between 700 and 800 tonnes of the metal every year or 20 percent of global demand.  AFP PHOTO/ Indranil MUKHERJEE
A 50 gram standard gold bar is displayed at the National Indian Bullion Refinery (NIBR)'s gold and silver refinery in Mumbai on November 6, 2009. The price of gold surged to a record peak of 1,095.80 dollars an ounce at the world market in trading earlier this week in the wake of the International Monetary Fund's massive sale of the precious metal to India. The IMF announced November 3 it sold 200 tonnes of gold to India's central bank over a two-week period in October for a total of 6.7 billion dollars to bolster its finances as it increases lending amid the global economic crisis. India is the world's biggest consumer of gold, importing between 700 and 800 tonnes of the metal every year or 20 percent of global demand. AFP PHOTO/ Indranil MUKHERJEE

New Delhi: Gold prices Thursday zoomed Rs 930 to Rs 35,800 per 10 gram in the national capital tracking positive overseas trend after US Federal Reserve Chairman Jerome Powell hinted at a rate cut soon that prompted investors to move towards safe-haven assets like the yellow metal. Silver also followed the suit and rose by Rs 300 to Rs 39,200 per kg due to more offtake by industrial units and coin makers.

"Spot gold jumped to a one-week high in the international market due to a feeble dollar after dovish comments from the US Federal Reserve chairman. The Fed chair's cautious stance on the US economy raised hopes of an imminent interest rate cut that spurred investor sentiments towards safe assets like gold," said Hareesh V, head (commodity research), Geojit Financial Services.

He further said weak global economic outlook and unsolved trade war tensions between the US and China are the other positive drivers of the yellow metal. Meanwhile, globally spot gold was trading at USD 1,420.80 an ounce. Similarly, silver was also up at USD 15.24 per ounce in New York.

According to the All India Sarafa Association, gold of 99.9 per cent and 99.5 per cent purity surged Rs 930 each to Rs 35,800 per 10 gram and Rs 35,630 per 10 gram, respectively, in the national capital.

Traders said that apart from the global movement, demand from local jewellers also supported the rise in gold prices. Sovereign gold also advanced by Rs 100 to Rs 27,400 per eight gram.

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