Consumers defer fresh purchases as gold hits all-time high on global cues

The metal has risen by as much as 24% in 2019, while silver is up 22%

The price of gold rose for the seventh day on the trot, adding 0.7 per cent in the Mumbai spot market on Tuesday to hit a new all-time high, and discouraging consumers from making fresh orders.

Standard gold in Mumbai’s popular Zaveri Bazaar has risen by three per cent, while silver is up by as much as six per cent during the past 10 days on global cues. While gold closed on Tuesday at Rs 39,083/10g, silver ended the day Rs 46,665/kg. After adding three per cent GST, consumers will have to pay more than Rs 40,000 per 10 gram