Gold on bull run, nears Rs 39,000

New Delhi: Continuing the record-setting trend, gold price on Thursday hit a new high of Rs 38,970 per 10 gram by gaining Rs 150 in the national capital, according to the All India Sarafa Association, mainly on account of a weaker rupee and safe-haven buying from investors due to weak equity market. Gold prices have been hitting a fresh high everyday since Tuesday.

Silver advanced by Rs 60 to Rs 45,100 per kg on increased offtake by industrial units and coin makers.

Despite sluggish overseas trend, gold prices rose on account of sustained buying from local jewellers, traders said. Besides, weakness in rupee and equity market also aided the rally in the yellow metal, they added.

"Gold prices in the international market are hovering near the psychological level of $1,500 an ounce as traders stayed away from taking fresh position amid the key economic events scheduled this week," Hareesh V, Head Commodity Research, Geojit Financial Services said.