Gold hits fresh record high of Rs 78,900/10g in Delhi

New Delhi: Gold prices touched a new all-time high of Rs 78,900 per 10 grams in the national capital on Wednesday, gaining Rs 250 due to sustained buying by jewellers, according to the All India Sarafa Association.

The precious metal had closed at Rs 78,650 per 10 grams in the previous session on Tuesday. Silver also followed the suit and surged Rs 1,000 to Rs 93,500 per kg due to fresh buying from from industrial units and coin makers. On Tuesday, it had finished at Rs 92,500 per kg.

Meanwhile, gold of 99.5 per cent purity jumped Rs 250 to hit a fresh record high of Rs 78,500 per 10 grams against the previous close of Rs 78,250 per 10 grams.

Traders attributed the rise in gold prices due to strong demand by local jewellers. Besides, the decline in equity markets also aided the rally in the yellow metal as investors moved towards the safe haven assets like gold.

In futures trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery climbed Rs 268 or 0.35 per cent to Rs 76,628 per 10 grams.

Silver contracts for December delivery zoomed by Rs 580 or 0.63 per cent to Rs 92,203 per kg on the exchange.