Policy easing by central banks around the world amid slowing economic outlook and intensifying trade dispute between USA and China lifted gold's safe haven demand. Weakness in rupee against the USA dollar was another reason behind rise in gold prices.
Meanwhile, U.S. short-term interest rates futures rose on Wednesday, as traders increased bets that the Federal Reserve would cut key borrowing costs three more times by year-end.
Indicative of sentiment, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.21% to 836.92 tonnes on Tuesday from 835.16 tonnes on August 5.
In global markets, gold futures surged above the important level of $1,500 an ounce on the Comex, rising as much as 1.2% to a six-year high of $1,502.30.
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The spot price of gold passed the $1,500 benchmark on August 7-for the first time since 2013-suggesting the industry is seeing a second gold rush.
In January 2019, the United States had the largest gold reserves in the world with 8,133 tons while Russian Federation was in fifth place with 2,066 tons, according to the World Gold Council.
"Looking at the interest rates and general trajectory of yields and uncertainty over the trade war, gold has room to move higher from here", London Capital Group head of research Jasper Lawler told Kitco News.
Analysts said the rise in local demand, coupled with robust global trend, mainly led to the surge in gold prices.
The latest ructions have sent investors rushing to havens, pushing the world's stockpile of negative-yielding bonds to a record, with the market value of the Bloomberg Barclays Global Negative Yielding Debt Index closing at $15.01 trillion Monday. "Gold demand may continue to increase". Mark Mobius said in July prices were poised to top $1,500 as interest rates headed lower, declaring: "I love gold". In Europe, investors are tracking the chances of a no-deal Brexit later this year, while there are tensions in the Middle East between Iran and the U.S.