Gold touches fresh all-time high of Rs 40,240/ 10g

Team Udayavani, Aug 26, 2019, 3:48 PM IST

Mumbai: Gold prices in Mumbai touched a new high of a little over Rs 40,000 per 10 gm, on Monday, industry players said.

According to Bachhraj Bamalwa, the chairman of All Indian Gems & Jewellery Federation Chairman the gold prices may shoot up further, crossing Rs 41,000 per 10 gms in the next few months if the current global political crisis and the trade wars continue to escalate.

Globally, the yellow metal gold jumped 1.2 per cent to $1,544 per ounce on Monday.

Traders attributed the rise in gold prices to strong demand from local jewellers. Besides, the decline in equity markets also aided the rally in the precious metal as investors moved towards safe-haven assets like gold. Also, demand for gold may be marginally affected, around 10 per cent or so, due to the wedding and festival seasons, which are incomplete without gold in India.

India consumes an average of 700-800 tonne of the yellow precious metal annually, said Bamalwa.