Gold Hits Life-Time High Of Rs 38,070 Per 10 Gram

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Gold prices strengthened on Tuesday, consolidating near the highest in more than six years as an intensifying US-China trade war threatened global economic growth.

US gold futures climbed 2.5% to $1,520.70.

Mumbai: Gold prices on Wednesday surpassed the Rs 38,000 per 10 gram mark for the first time ever, amid heightened trade tension between U.S. and China and marked slowdown in global economic activity.

At press time, the yellow metal was trading at $1,507 an ounce, after closing yesterday on the Comex at $1,472 an ounce. In recent days, the Trump administration threatened fresh tariffs against Chinese goods, the yuan was allowed to sink, and the United States branded China as a currency manipulator. On MCX, October gold futures surged to a new high of ₹37,848 while silver contracts shot up to ₹43,260.

Silver, gold's cheaper cousin, also surged. Speaking to the media, DailyFx's currency analyst Ilya Spivak cautioned, "Trade wars are the catalyst for the latest gains".

Lower U.S. interest rates put pressure on the dollar and bond yields, increasing the appeal of non-yielding bullion.

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Easing monetary policy by central banks, which have also been constantly piling on to their bullion reserves, weak economic readings globally and in addition, the ongoing trade tensions, are fuelling gold's run, Meger added. The move extends this year's advance to 17 per cent, with gains underpinned by investor inflows into exchange-traded funds.

India is the world's second-biggest consumer of gold. The US gave assurances that the next round of trade talks would go ahead in September but markets were also alarmed by interest rate cuts in New Zealand, India and Thailand.

Gold prices have been surging for the last few days and had hit Rs 36,970 mark on Monday.

Silver coins were in good demand and traded higher by Rs 1,000 at Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.

Goldman Sachs said it no longer expects a trade deal to be struck before the 2020 US presidential election, while Morgan Stanley warned that more tit-for-tat tariffs could tip the world economy into recession by the middle of next year.

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