Gold hits new high of 38,820

New Delhi: Gold prices on Wednesday appreciated Rs 50 to hit a new high of Rs 38,820 per 10 gram at the bullion market here on account of consistent buying support from jewellers, according to the All India Sarafa Association.

Silver also soared by Rs 1,140 to Rs 45,040 per kg on fresh offtake by industrial units and coin makers. Traders attributed the gain in gold to increase in the domestic spot market demand. However, a weak trend in the international market restricted the gains, they said. Besides, the decline in equity markets also aided the rally in the precious metal as investors moved towards safe-haven assets such as gold, they added.

Gold prices traded weak with international spot gold prices but continue to hover around $1,500 an ounce. In New York, spot gold was trading lower at $1,499.20 an ounce and silver was down at $17.08 an ounce In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose Rs 50 each to Rs 38,820 and Rs 38,650 per 10 gram, respectively.