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Gold prices surge Rs410 on global worries, hit over one-month high

LiveMint logoLiveMint 12-04-2017 PTI

New Delhi: Gold made the most of rising geopolitical uncertainty as it rose for the second straight day, with prices surging Rs410 to an over one-month high of Rs29,760 per 10 grams on Wednesday.

Silver shot past the Rs42,000 mark by surging Rs925 to Rs42,750 per kg, driven by higher offtake. Traders said the bullion derived its strength from a firm trend overseas as soaring geopolitical tensions boosted the metal’s appeal as a safe haven.

Globally, gold climbed 0.05% to trade at a five-month high of $1,274.60 an ounce in Singapore.

Also Read: Global gold prices hit 5-month peak, geopolitical tensions drive flight to safety

Besides, persistent buying by local jewellers to cater to wedding season demand supported the upside, they said.

In Delhi, gold of 99.9% and 99.5% purity went up by Rs410 each to Rs29,760 and Rs29,610 per 10 grams, respectively, a level last seen on 6 March, when it ended at Rs29,750. The precious metal had gained Rs60 on Tuesday.

Sovereign also traded higher by Rs100 at Rs24,500 per piece of eight grams. Silver ready and weekly-based delivery climbed by Rs925 each to Rs42,750 and Rs42,320 per kg, respectively.

Silver coins too moved up Rs1,000 to Rs72,000 for buying and Rs73,000 for selling of 100 pieces.

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