Gold price today jumped to its 14-month high price of Rs. 31,600 per 10 gram on the back of its gaining appeal once again as a safe haven due to global rout in capital markets. This price was last seen on November 9, 2016.
The heavy sell-off in equity markets across the globe pushed gold prices higher by Rs. 330 at the bullion market in line with the trend in the overseas market. In the international markets, gold traded at $1340 per ounce on Tuesday.
Meanwhile at the day's low, Sensex tracking global sell-off spooked investors by shedding close to 1275 points. But later recovered in trade with Nifty reclaiming 10500 level while the Sensex closed 562 points lower at 34,195.
In Delhi, gold of 99.9% and 99.5% purity moved higher in price by Rs. 330 each to Rs. 31,600 and Rs. 31,450 respectively for 10 gm of gold. The higher price of the yellow metal also gained support from the increased buying from local jewelers to meet ongoing wedding season demand.
Silver also rallied in trade by Rs. 500 to Rs. 40000 per kg due to increased offtake by industrial units. While weekly-based delivery soared by Rs. 510 to Rs. 38960 per kg.