Gold price hits over 1-month high, zooms Rs 410 on global worries

Singapore (April 12)  Gold made the most of rising geo-political uncertainty as it rose for the second straight day, with prices surging Rs 410 to an over one-month high of Rs 29,760 per 10 grams today. Silver shot past the Rs 42,000-mark by surging Rs 925 to Rs 42,750 per kg, driven by higher offtake. Traders said the bullion derived its strength from a firm trend overseas as soaring geo-political tensions boosted the metal’s appeal as a safe haven. Globally, gold climbed 0.05 per cent to trade at a five-month high of $ 1,274.60 an ounce in Singapore.

Besides, persistent buying by local jewellers to cater to wedding season demand supported the upside, they said. In the national capital, gold of 99.9 per cent and 99.5 per cent purity went up by Rs 410 each to Rs 29,760 and Rs 29,610 per 10 grams, respectively, a level last seen on March 6 when it had ended at Rs 29,750. The precious metal had gained Rs 60 yesterday.

Source: TheFinancialExpress