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Gold Price Surges Above Rs 30,000 On North Korea Missile Worries

Bullion traders said a firm trend overseas mainly led to the rally in gold prices.
Fresh buying by local jewellers helped the uptrend in gold rates
Fresh buying by local jewellers helped the uptrend in gold rates
New Delhi: Gold prices soared sharply by Rs 550 to trade at Rs 30,450 per ten grams at the bullion market on Tuesday, after North Korea fired a missile over Japan, deepening the tension between Pyongyang and the US. Silver followed suit to recapture the Rs 41,000 mark by climbing Rs 900 to Rs 41,100 per kg on increased offtake by industrial units and coin makers. Bullion traders said a firm trend overseas, where gold rallied to the highest level this year after North Korea fired a missile over Japan, boosting demand for havens amid escalating tensions between Pyongyang and the US and its allies, mainly led to the rally in gold prices. Fresh buying by local jewellers also helped the uptrend.

Globally, gold rose 0.90 per cent to $1,322.41 an ounce, the highest intraday level since November 9 last year, and silver 0.66 per cent to $17.54 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity surged by Rs 550 each to Rs 30,450 and Rs 30,300 per 10 gram respectively. The precious metals had lost Rs 50 in Monday's trade.

Sovereign also moved up by Rs 100 at Rs 24,600 per piece of eight grams.

Following gold, silver ready flared up by Rs 900 to Rs 41,100 per kg and weekly-based delivery by Rs 675 to Rs 39,900 per kg.

Silver coins too spurted by Rs 1,000 to end at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

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