New Delhi:Gold prices on Monday surged Rs 800 to hit an all-time high of Rs 36,970 per 10 gram at the bullion market here amid strong trend overseas as investors preferred the yellow metal due to escalation of trade tensions between the United States and China.
Tracking the movement of gold, silver also soared Rs 1,000 to 43,100 per kg on the back of robust demand from industrial units and coin makers.
Experts said gold reaching its highest level since May 2013 due to the US-China tensions and increased demand by local jewellers were the factors that propelled the yellow metal to record high level in the domestic market.
The US last week announced that it would impose a 10 per cent tariff on Chinese imports worth USD 300 billion starting September 1 and said it could raise duties further if China's President Xi Jinping failed to move more quickly towards a trade deal.
Besides, a weaker rupee also contributed to the rise in the yellow prices as the domestic currency fell by 99 paise to Rs 70.59 vis-a-vis dollar, making imports costlier. The rupee closed at 69.60 on Friday.
"Gold price of Rs 36,970 per 10 gram is the highest in the domestic market till date," said Surendra Jain, vice-president of All India Sarafa Association.
Globally, gold was trading up 1.13 per cent at USD 1,457.30 an ounce, while silver traded 1.51 per cent higher at USD 16.53 an ounce.