According to sources gold prices on Thursday crossed the Rs 38,000-mark for the first time by soaring Rs 550 to hit a fresh high of Rs 38,470 per 10 gram here, as investors continued to prefer the precious metal as a safe-haven asset amid the ongoing US-china trade tensions and over domestic economic concerns. Crossing the Rs 44,000-mark, silver surged Rs 630 to hit Rs 44,300 per kg on increased off take by industrial units and coin makers.
Analysts said international gold prices breaching USD 1,500 an ounce on Wednesday for the first time in six years amid growing US-china trade tensions, mainly prompted investors to rush towards gold. Besides, concerns over the domestic economic slowdown also lifted the precious metal's appeal. In its third bi-monthly review of 2019-20, the RBI's Monetary Policy Committee on Wednesday reduced its growth projection for the Indian economy to 6.9 per cent for the current financial year as compared with 7 per cent predicted in June, due to a slowdown in demand and investments.
The yellow metal had raised Rs 1,113 on Wednesday. Sovereign gold on Thursday also raised Rs 700 to Rs 28,500 per eight gram. Silver ready climbed Rs 630 to 44,300 per kg, while weekly-based delivery jumped Rs 745 to Rs 43,730 per kg. Silver coins were in good demand and traded higher by Rs 1,000 at Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces.
Bengal Durga Pooja organizers reeling due to economic slump Reportedly west Bengal’s biggest festival Durga pooja seem to have taken a bad hit due to the economic slowdown in the country. Pooja organizers, a few hundred of them, are reeling under its impact as cash inflow by corporate advertisers shrink manifold due to economic slump.
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