Mumbai, Aug 16 (TIWN) Gold prices surged to near-record high levels yet again on Friday as renewed fears of a possible recession led investors to run for safe haven assets like gold.

Gold prices had earlier fell sharply from its record highs after US deferred imposing fresh tariffs on imports of Chinese products.  Despite this, closely watched recession indicators warned a possible recession -- typically defined as fall in GDP for two consecutive quarters.  At the Multi Commodity Exchange (MCX), the October contract of gold touched an intra-day high of Rs 38,220 per 10 gram. Earlier, the precious metal touched a life time high of Rs 38,666 per 10 gram.  At 3.05 p.m., the October contract of Gold was trading at Rs 37,851 per 10 gram, down Rs 312 or 0.82 per cent.  Experts said that investors rushed for gold over the recession warning that came from bond market. The inversion in the US bond yield have hit levels last seen in 2007, just ahead of the global financial crises.