Gold prices surge on global cues

Mumbai-India (Jan 31)  Rising for the second straight day, gold prices added Rs160 per 10 grams, tracking a firming global trend amid increased buying by jewellers in the ongoing wedding season. Silver also rose on pick-up in demand from industrial units.

Standard gold (99.5 purity) jumped by Rs160 to finish at Rs28,960 per 10 grams from Monday’s closing level of Rs28,800. Pure gold (99.9 purity) also surged by a similar margin to end at Rs29,110 per 10 grams as against Rs28,950 earlier. Silver (.999 fineness) rose by Rs45 per kg to conclude at Rs41,745 from Rs41,700 previously.

Globally, gold climbed to the highest in nearly a week as tough travel restrictions by US President Trump unnerved markets and prompted investors to buy bullion as risk insurance. Spot gold had risen 0.3% to $1,199.01 per ounce in early trade after earlier touching its highest since 25 January at $1,203. Meanwhile, spot silver added 0.5% to $17.20 per ounce.

Source: LiveMint