Gold prices surge over Rs350 on worries over North Korea
Mumbai: Riding on firm global trends and increased buying by local jewellers at the Mumbai bullion market, gold prices advanced by Rs355 per ten grams, while silver prices soared Rs690 per kg at the bullion market in Mumbai on Monday.
Silver reclaimed the Rs40,000-mark per kg due to good speculative offtake amid heavy industrial demand. Standard gold (99.5 purity) climbed by Rs355 to close at Rs30,110 per 10 grams from last Friday’s closing level of Rs 29,755.
Pure gold (99.9 purity) also gained by a similar margin to close at Rs30,260 per 10 grams against Rs29,905.
Silver (.999 fineness) zoomed by a whopping Rs690 per kg to close at Rs 40,645 from Rs 39,955 previously.
Globally, Gold prices shot up to their highest in nearly a year as investors bought safe haven assets amid worries that North Korea might launch more missiles in the wake of its sixth and largest nuclear test.
Spot gold was up 0.9% at $1,336 per ounce at early trade, after earlier touching its strongest level since late September last year at $1,339.47.
Silver rose 0.8% to $17.83 an ounce, earlier touching its highest since late April at USD 17.90 an ounce.