New Delhi: The gold price continued to surge on Thursday and hit a new high on the back of weaker rupee and safe-haven buying from investors due to the weak equity market as it touched Rs 38,970 per 10 gram by gaining Rs 150 in the national capital, according to the All India Sarafa Association.

Since Tuesday, the gold price has been surging to record high price every day while silver advanced by Rs 60 per kg on increased offtake by industrial units and coin makers.

According to the traders, the weaker rupee and equity market aided by the sustained buying from local jewellers has led to price rise in the yellow metal.

“Gold prices in the international market are hovering near the psychological level of USD 1,500 an ounce as traders stayed away from taking a fresh position amid the key economic events scheduled this week,” Hareesh V, Head Commodity Research, Geojit Financial Services said.

“Expectations are high that the US Federal Reserve chair’s speech at Jackson Hole meeting on Friday would provide cues on future US interest rate cuts that may influence gold prices. Also, traders are keenly awaiting the result of G7 summit for hints of any additional steps by policymakers to push global economic growth,” he added.

In the domestic market, gold prices held firm due to a feeble Indian rupee which weakened to its lowest level this year,

Hareesh said that gold prices held firm in the domestic market due to a feeble Indian rupee which weakened to its lowest level this year.

In Delhi, Sovereign gold stood steady at 28,800 per eight gram but the gold of 99.9 per cent purity rose Rs 150 to Rs 38,970 per 10 gram, while that of 99.5 per cent gained Rs 170 to Rs 38,820 per 10 gram.

(With PTI Inputs)