Here are five things that you must know about the surge in the precious metal's prices:1) Gold prices jumped Rs 220 to Rs 31,000 per ten gram at the bullion market today, news agency Press Trust of India reported.
2) Gold prices firmed up on rising demand from local jewellers and retailers, driven by the ongoing festive season, said traders. The rupee's depreciation to over six-month low of 65.75 (intra-day) against the dollar, making imports costlier, too fuelled the upward trend, they said.
3) In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged Rs 220 each to Rs 31,000 and Rs 30,850 per ten gram, respectively. The precious metal had gained Rs 80 on Tuesday.
4) In the international market, Gold slid further, adding to its biggest loss in almost two years in the previous session on rising expectations the US Federal Reserve will raise interest rates again this year, reported news agency Reuters.
5) Spot gold fell 0.3 per cent to $1,290.31 per ounce by 1014 GMT after tumbling 1.3 per cent in the previous session to trade near a month low of $1,287.61. US gold futures for December delivery fell 0.7 per cent to $1,293.
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