Gold spirals on brewing tension between US, North Korea

Gold spirals on brewing tension between US, North Korea thumbnail
Gold surged by Rs 30 to Rs 30,050 per ten gram at the bullion market today on the back of mounting tension between the US and North Korea, and persistent buying by local jewellers.

Silver too gained Rs 70 to Rs 40,200 per kg on increased offtake by industrial units and coin makers.

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 per cent to USD 1,288.70 an ounce in New York in yesterday’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 per cent purity gained Rs 30 each to Rs 30,050 and Rs 29,900 per 10 gram, respectively. The precious metal had gained Rs 670 in last three days.

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