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Gold prices climb Rs340 on global leads, silver tops Rs40,000

LiveMint logoLiveMint 10-08-2017 PTI

New Delhi: Persisting global worries took gold prices to an over two-month high of Rs29,890 per 10 grams with a gain of Rs340 on Thursday, mirroring a firm trend overseas amid heavy local buying.

Silver also recaptured the Rs40,000-mark by rising Rs570 to trade at Rs40,070 per kg, backed by increased offtake by industrial units and coin makers.

The ongoing muscle-flexing by the US and North Korea is keeping investors on edge, which explains the growing allure of the precious metals as a safe haven.

Increased buying by local jewellers to meet rising demand at the domestic spot market also kept gold prices elevated.

Globally, gold rose by 0.09% to $1,278 an ounce and silver by 0.44% to $16.99 in Singapore. In the national capital, gold of 99.9% and 99.5% purity jumped Rs340 each to Rs29,890 and Rs29,740 per 10 grams, respectively, a level last seen on 7 June.

The metal had gained Rs 200 on Wednesday.

Sovereign, however, remained unchanged at Rs24,500 per piece of eight grams. In sync with gold, silver ready prices surged by Rs570 to Rs40,070 per kg and weekly-based delivery by Rs1,195 to Rs38,990 per kg.

Silver coins, however, continued to be traded at the previous level of Rs72,000 for buying and Rs73,000 for selling of 100 pieces.

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