Analysts see gold price hitting Rs 40,000 per 10 g by the end of the year

In Mumbai's physical market, standard gold (995 purity) was trading at Rs 36,850 on Wednesday, nearly Rs 1,000 lower than in the futures market

With more and more global investors turning risk averse, gold prices continued to head north and reached a level of $1500 per ounce on Wednesday. In India's futures market, October futures have already seen levels of Rs 37,800 per 10 gram, and analysts are eyeing the Rs 40,000 level by December-end.

In Mumbai’s physical market standard gold (995 purity) was on Wednesday trading at Rs 36,850, nearly Rs 1,000 lower than in the futures market due to a discount of around Rs 550 per 10 gram in the spot market following a lack of demand. The futures prices were high