Gold hits new high of Rs 38,820

Gold prices appreciated Rs 50 to hit a new high of Rs 38,820 per 10 gram at the bullion market in New Delhi on account of consistent buying support from jewellers, according to the All India Sarafa Association.

Silver also soared by Rs 1,140 to Rs 45,040 per kg on fresh offtake by industrial units and coin makers.

Traders attributed the gain in gold to increase in the domestic spot market demand. However, a weak trend in the international market restricted the gains, they said.

Besides, the decline in equity markets also aided the rally in the precious metal as investors moved towards safe-haven assets such as gold, they added.

Gold prices traded weak with international spot gold prices but continue to hover around USD 1,500 an ounce.

In New York, spot gold was trading lower at USD 1,499.20 an ounce and silver was down at USD 17.08 an ounce.