Gold rises by Rs1000

Gold spiralled by Rs 990 to Rs 31,350 at the bullion market here on the back of positive global trend as the dollar fell to its weakest level since 2015, and tension between North Korea and the US intensified further.

Trading at a 10-month high of Rs 31,350 per ten gram, the metal witnessed the biggest one-day surge this year However, demand from local jewellers remained low in view of the ongoing inauspicious fortnight of ‘Shradh’. Silver also rose to Rs 42,000 per kg backed by increased offtake by industrial units and coin makers.

Bullion traders said sentiment got a boost after gold rallied to one-year high in the global market as the dollar fell to its weakest level since 2015 in the backdrop of warnings that Hurricane Irma could have a devastating impact.

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