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Business News/ Markets / Commodities/  Gold prices surge for fourth day in a row

New Delhi: Gold prices continued to rise in domestic markets amid firm global trend and increased buying from jewellers. The yellow metal surged surged 280 to 34,300 per 10 gram, according to All India Sarafa Association. In last three days, gold had risen by 400. Tracking gold, silver too edged higher, advancing by 40 to 39,100 per kg on more offtake by industrial units and coin makers.

Sovereign gold, however, held steady at 26,800 per eight gram. Meanwhile, silver ready gained by 40 to 39,100 per kg, while weekly-based delivery gained 140 to 38,184 per kg.

In Delhi, gold of 99.9% and 99.5% purity rose 280 each to 34,300 and 34,130 per 10 gram, respectively. Silver coins were in good demand and traded higher by 1,000 at 81,000 for buying and 82,000 for selling of 100 pieces, respectively.

In global markets, gold surged past $1,400 mark per ounce, its highest in nearly six years, supported by safe-haven demand amid US-Iran tension.

Earlier this week, in a boost for gold, the US Federal Reserve joined global peers such as the European Central Bank and the Bank of Japan with plans to cut interest rates to support flagging economic growth, hinting at cuts beginning as early as next month.

The combination of a weaker dollar, falling yields and the Middle East tensions have lifted global gold prices by nearly 4% so far this week. (With Agency Inputs)

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Updated: 21 Jun 2019, 06:06 PM IST
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