Gold inches closer to 40,000

New Delhi: Resuming its record-setting streak, gold price jumped Rs 300 on Wednesday to a fresh all-time high of Rs 39,970 per 10 gm here, according to the All India Sarafa Association, on higher demand from local jewellers and the yellow metal's appeal as safe-haven amid global economic concerns.

Silver skyrocketed Rs 2,110 to Rs 48,850 per kg, helped by positive trend overseas and strong demand from industrial units and coin makers. In the US market, the white metal was trading 0.61 per cent up at $18.38 an ounce. Globally, the yellow metal was almost flat at $1,543 an ounce in New York.

Traders and analysts said higher uptake by local jewellers ahead of festive season and investors preferring the yellow metal as a safe-haven asset helped the yellow metal touch its new all-time high level.

"Spot gold held steady near a six-year high in the international market supported by increased safe haven demand," said Hareesh V, Head (Commodity Research), Geojit Financial Services.

He added that recession fears accompanied by weak global growth outlook and trade talk uncertainties between the US and China have been boosting the yellow metal's safe haven demand.