Gold price continued to rise on Saturday and reclaimed the psychologically important level of Rs 31,000 per 10 g mark at the domestic market on buying from speculators and investors. The gold price rose of Rs 640 per 10 g to close at Rs 31,470 per 10 g as against Friday's close of Rs 30,830 per 10 g.

Silver also witnessed a sharp rise on Saturday when its price crossed Rs 51,000 per kg level to close at Rs 51,485 per kg as against Rs 49,98 per kg on Friday.

Economists and bullion traders said the rise in the prices were mainly on account of sharp depreciation of rupee and the fall in stock markets.

Investors' confidence in other assets is very low as most of the assets, including cash, are giving a negative return. In these circumstances, a wealth manager said that in order to protect their wealth from depreciation, investors are finding precious metals a safe heaven.

In fact, prices of these metals, particularly gold, have been on the rise ever since the government clamped down on their imports by imposing a series of duty hikes and constraints on supplies to control a widening current account deficit.

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