Gold Prices Surge Over Rs 350 On Worries Over North Korea

Gold prices in the bullion market surged to Rs 30,600 for ten grams – its highest level this year – after North Korea conducted its most powerful nuclear test, escalating the geopolitical tensions on Monday.

In New Delhi, gold of 99.9 and 99.5 percent purity climbed by Rs 200 each to Rs 30,600 and Rs 30,450 per ten gram respectively. The precious metals had gained Rs 350 in the previous two sessions.

Bullion traders said sentiments were mainly buoyed by a firm trend overseas, where gold hit 10-month high on mounting geopolitical tensions after North Korea's latest nuclear test drove investors towards the safe-haven assets. Besides, increased buying by local jewellers lifted gold prices to this year's highest level.

Silver also moved up by Rs 200 to Rs 41,700 per kg backed by increased offtake by industrial units and coin makers. Silver coins however continued to be traded at previous level of at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

Globally, gold rose 0.71 percent at $1,333.80 an ounce in Singapore. Sovereign however remained unaltered at Rs 24,600 per piece of eight gram.

Also Read: North Korea Seen Preparing ICBM Launch After Nuclear Test

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