Published On: Sun, Sep 10th, 2017

Gold soars by Rs 990 to Rs 31,350

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2017_9$largeimg08_Friday_2017_232541391New Delhi : Gold spiralled by Rs 990 to Rs 31,350 at the bullion market here today on the back of positive global trend as the dollar fell to its weakest level since 2015, and tension between North Korea and the US intensified further.

Trading at a 10-month high of Rs 31,350 per 10 gram, the metal witnessed the biggest one-day surge this year. However, demand from local jewelers remained low in view of the ongoing inauspicious fortnight of ‘Shradh’.

Silver also rose to Rs 42,000 per kg backed by increased offtake by industrial units and coin makers.

Bullion traders said sentiment got a boost after gold rallied to one-year high in global market as the dollar fell to its weakest level since 2015 in the backdrop of warnings that Hurricane Irma could have devastating impact on the US amid weaker-than-expected jobs data.

Besides, simmering tension between North Korea and the US added to the uptrend. Also, a firm trend at the futures market supported the price rise, they added.

Globally, gold surged 0.31% to $1,352.80 an ounce, its highest since September 2016 in Singapore today.

Silver too traded higher by 0.19 per cent to USD 18.13 an ounce.

In the national capital, gold of 99.9 and 99.5 per cent purity zoomed by Rs 990 each to Rs 31,350 and Rs 31,200 per 10 gram respectively, a level last seen in November 2016.

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