Gold Rate Today: Gold surges to all-time-high as US-China trade war escalates

NEW DELHI: Gold prices in futures trade hit an all-time high in early trade on Monday as the demand for the safe-haven asset rose following an escalation in US-China trade war and weakness in rupee.

Global markets were trading lower as escalating US-China trade and hovering fear of a global recession pushed the market sentiment to invest in gold and sovereign bonds.

Globally, spot gold prices rose over 1 per cent. The gold prices have touched a new all-time high today to $1,544.23 per ounce. According to a report by Reuters, spot gold may peak in a range of $1,546-$1,569 per ounce.


Back home, MCX Gold traded at Rs 39,279 per 10 gm around 11 am.

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SPDR Gold Holdings said its holdings rose 0.58 per cent to 859.83 tonnes on Friday.

Silver prices also jumped to Rs 45,340 per kg today.

"On MCX, gold is likely to move towards Rs 39,900 to Rs 40,000 levels. Having said that Rs 38,800 and Rs 39,000 act as a strong crucial support level for gold on the downside. Similarly, we expect the positive trend to continue for silver with prices expected to move higher towards Rs 48,000 levels in coming days with Rs 45,900 and Rs 46,200 as support levels on the downside," said Pritam Kumar Patnaik, Head Commodities, Reliance Commodities.