INSUBCONTINENT EXCLUSIVE:
ANI | Updated: Sep 05, 2019 13:23 ISTChennai (Tamil Nadu) [India], Sept 5 ANI: Goldprices have risen to their highest level here by
touching the Rs 40,000 mark for 10 grams."A slowdown in the global economy and escalating US-China trade tensions have pushed up the price
of gold," said a showroom owner."The government has also increased the import duty to 12.5 per cent which stood at 10 per cent earlier
This has also contributed to the surge in prices."Merchants are not buying gold as international prices are not stable
Only families celebrating weddings are opting to buy the precious metal, said the trader.Goldprices scaled fresh highs as the on-going trade
war between the United States and China battered global equities and boosted demand for safe-haven assets
Gold is considered as a financial instrument that does not erode in valuation during periods of economic turbulence
India is one of the largest consumers of gold and bought 760.4 tonnes in 2018, according to data compiled by the World Gold Council.(ANI)
