Gold price surges on brewing tension between US and N Korea

Mumbai-India (Aug 12)  Gold prices surged by Rs 30 to Rs 30,050 per ten gram at the bullion market on Saturday 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 percent to USD 1,288.70 an ounce in New York in Friday'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 percent and 99.5 percent purity gained Rs 30 each to Rs 30,050 and Rs 29,900 per 10 gram, respectively. The precious metal has gained Rs 670 in last three days.

Sovereign, however, remained flat at Rs 24,500 per piece of eight gram.

Tracking gold, silver ready edged up by Rs 70 to Rs 40,200 per kg and weekly-based delivery by Rs 100 to Rs 39,200 per kg.
Silver coins, however, continued to be asked at previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces in limited deals.

Source: MoneyControl