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Gold price spirals on brewing tension between US, North Korea

Livemint logo Livemint 4 days ago PTI

New Delhi: Gold surged by Rs30 to Rs30,050 per ten gram in Delhi bullion market on Saturday on the back of mounting tension between the US and North Korea, and persistent buying by local jewellers.

Gold price spirals on brewing tension between US, North Korea: In the national capital, gold of 99.9 and 99.5% purity gained Rs30 each to Rs30,050 and Rs29,900 per 10 gram, respectively. Photo: Pradeep Gaur/Mint © LiveMint In the national capital, gold of 99.9 and 99.5% purity gained Rs30 each to Rs30,050 and Rs29,900 per 10 gram, respectively. Photo: Pradeep Gaur/Mint

Bullion traders said the gold prices headed north as rising tension between the two countries triggered safe-haven buying. Besides, persistent buying by local jewellers at domestic spot market stoked the uptrend.

Globally, gold rose 0.23% to $1,288.70 an ounce in New York in Friday’s trade. Shifting of funds from sliding equity to rising bullion markets also supported the upswing, they said.

In the national capital, gold of 99.9 and 99.5% purity gained Rs30 each to Rs30,050 and Rs29,900 per 10 gram, respectively. The precious metal had gained Rs670 in last three days. Sovereign, however, remained flat at Rs24,500 per piece of eight gram.

Tracking gold, silver ready edged up by Rs70 to Rs40,200 per kg and weekly-based delivery by Rs100 to Rs39,200 per kg. Silver coins, however, continued to be asked at previous level of Rs72,000 for buying and Rs73,000 for selling of 100 pieces in limited deals.

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