Gold prices in India surged to a fresh all-time high for the fifth consecutive day surpassing its previous high in the national capital due to a weaker rupee and strong global trend. Global gold prices jumped more than 1 percent to surpass the $1,550 per ounce mark for the first time in more than six years as investors flocked to safe-haven assets driven by the heightened US-China trade dispute. In Delhi, gold prices of 99.9 percent and 99.5 percent purity rose Rs 675 each to Rs 39,670 and Rs 39,500 per 10 gram, respectively, reported PTI. Sovereign gold surged by Rs 700 to 29,500 per eight grams. So far this year, gold prices rose nearly 25 percent in 2019.

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Globally, spot gold rate was up 0.3 percent at $1,531.20 per ounce as of 1153 GMT, after hitting its highest since April 2013, at $1,554.56 earlier in the session. US gold futures were up 0.1% at $1,538.90.

Silver prices surged Rs 1,450 to Rs 46,550 per kg, while weekly-based delivery jumped Rs 1,625 to Rs 45,291 per kg. Silver coins were in good demand and traded higher by Rs 3,000 to Rs 94,000 for buying and Rs 95,000 for selling of 100 coins.

According to analysts, apart from persistent buying from jewellers, a weaker rupee and positive trend overseas were among the factors that aided the rally in gold prices.

Also, feeble global equities and signs of escalating fragile global economic sentiments prompted investors to find shelter in safe assets like the yellow metal," said Hareesh V, head (commodity research), Geojit Financial Services.

He added that in the domestic market, prices surged to all-time highs supported by a strong international market and a feeble rupee.

(With inputs from agencies)

First Published:Aug 26, 2019 6:06 PM IST