Gold prices glitter to hit over one-month high on global cues

Mumbai-India (Jan 10)  Gold prices surged to hit over one-month high at the bullion market on Tuesday, taking positive cues from global market amid pick up in buying by jewellers to meet wedding season demand.

Silver too climbed by Rs270 per kg on increased offtake by industrial units. Standard gold (99.5 purity) rose by Rs165 to finish at Rs28,560 per 10 grams from Monday’s closing level of Rs28,395.

Pure gold (99.9 purity) also gained by a similar margin to close at Rs28,710 per 10 grams against Rs28,545. Silver (.999 fineness) gained by Rs270 to conclude at Rs40,910 per kg from Monday’s close of Rs40,640. Globally, gold prices rallied to its highest level in more than a month as the dollar dipped on jitters before a news conference by US President-elect Donald Trump on Wednesday and on Britain’s uncertain exit from the European Union.

Spot gold hit its highest since 5 December at $1,187.61 an ounce and was up 0.2% to $1,183.61 an ounce at early European trade. Silver was flat at $16.57 an ounce.

Source: LiveMint