Gold spiraled from ₹ 990 to ₹ 31,350 in the bullion market on Friday on the back of the positive global trend as the dollar fell to its weakest level since 2015, and the tension between North Korea and the US. UU.
Trading in a maximum of 10 months of ₹ 31,350 per ten grams, the metal witnessed the biggest wave of one day this year. However, the demand of the local jewelers remained low, in view of the fortnight of the ‘Shradh’.
Silver also rose to ₹ 42,000 per kilogram backed by an increase in the production of industrial units and coin manufacturers.
Bullion traders said the sentiment got a boost after gold rallied to a high year in the global market as the dollar fell to its weakest level since 2015 in the context of warnings that Hurricane Irma could have a devastating impact in the US in jobs weaker than expected data. In addition, the frenzied tension between North Korea and the United States added to the upward trend. In addition, a strong trend in the futures market supported the rise in prices, they added.
Worldwide, gold rose 0.31 percent to $ 1,352.80 an ounce, its highest level since September 2016 in Singapore today. Silver also traded higher by 0.19 percent to $ 18.13 an ounce.
In the national capital, gold of 99.9 and 99.5% purity increased by ₹ 990 each to ₹ 31,350 and ₹ 31,200 by ten grams respectively, a level was last seen in November 2016. The precious metal had lost ₹ 240 in the last two days. Sovereign, however, remained stable at ₹ 24,600 per piece of eight grams.
