Equity markets across the globe nosedived on fears of a global recession, pushing investors towards a safe haven asset like gold. The precious metal notched up its 8th straight day of gains.

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International gold was seen trading at $1,193 an ounce. The drop in equities and weaker dollar boosted the yellow metal as an alternative asset.

On Monday, gold rose to 1,200 an ounce highest since June.

Also, experts believe that physical demand for gold will rise amidst the ongoing China Lunar New Year festivities.

Traders said pickup in buying by jewellers and a firm global trend on safe-haven demand supported the sentiment.

At the Multi Commodity Exchange (MCX), gold for delivery in August rose Rs 432 or 1.52 per cent to Rs 28,778 per ten grams in a intra-day trade.

In the national capital, gold of 99.9 and 99.5 per cent purity zoomed by Rs 710 each to Rs 28,585 and Rs 28,435 per ten gram respectively, a level last seen on January 21, 2015, reports PTI.

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