New Delhi: Gold prices soared sharply by Rs 550 to trade at Rs 30,450 per ten gram at the bullion market Tuesday after North Korea fired a missile over Japan, deepening the tension between Pyongyang and the US.
Silver followed suit to recapture the Rs 41,000-mark by climbing Rs 900 to Rs 41,100 per kg on increased offtake by industrial units and coin makers.
Bullion traders said a firm trend overseas where gold rallied to the highest level this year after North Korea fired a missile over Japan, boosting demand for havens amid escalating tensions between Pyongyang and the US and its allies, mainly led to rally in gold prices.
Fresh buying by local jewellers also helped the uptrend. Globally, gold rose 0.90 per cent to $1,322.41 an ounce, the highest intra-day since 9 November last year and silver by 0.66% to $17.54 an ounce in Singapore.
In the national capital, gold of 99.9 and 99.5% purity surged by Rs550 each to Rs30,450 and Rs30,300 per 10 gram respectively.
The precious metals had lost Rs50 in yesterday’s trade. Sovereign also moved up by Rs100 at Rs24,600 per piece of eight gram.
Following gold, silver ready flared up by Rs900 to Rs41,100 per kg and weekly-based delivery by Rs675 to Rs39,900 per kg.
Silver coins too spurted by Rs1,000 to end at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.