Gold surges to Rs 37,000; silver soars

New Delhi: Gold prices on Monday surged Rs 800 to hit an all-time high of Rs 36,970 per 10 gram at the bullion market here amid strong trend overseas as investors preferred the yellow metal due to escalation of trade tensions between the United States and China. Tracking the movement of gold, silver also soared Rs 1,000 to 43,100 per kg on the back of robust demand from industrial units and coin makers.

Experts said gold reaching its highest level since May 2013 due to the US-China tensions and increased demand by local jewellers were the factors that propelled the yellow metal to record high level in the domestic market. The US last week said that it would impose a 10% tariff on Chinese imports worth $300 billion starting September 1 and said it could raise duties further if China's President Xi Jinping failed to move more quickly towards a trade deal.

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