Gold touches fresh all-time high of Rs 38,770

Gold prices on Tuesday touched a record high of Rs 38,770 per 10 gram in the national capital after gaining Rs 200 on persistent buying from jewellers even as the precious metal lost steam overseas, according to the All India Sarafa Association.

Silver, however, plunged Rs 1,100 to Rs 43,900 per kg on reduced offtake by industrial units and coin makers.

Despite weak trend overseas, the precious metal gained in the domestic spot market mainly on increase in demand from jewellers, traders said.

Besides, a weaker rupee also supported the surge in the yellow metal, they added.

"Globally, spot gold held steady near USD 1,500 an ounce weighed down by a strong US dollar and higher level profit-booking. However, traders remain cautious on taking big positions ahead of the key economic events like the US Federal Reserve's July meeting minutes and Jackson Hole seminar later this week," said Hareesh V, head (commodity research), Geojit Financial Services.