Gold Price Surges To Rs 31,000/10 Gram: Here Are 5 Key Points For You

Gold prices jumped Rs 220 to Rs 31,000 per ten gram at the bullion market today.

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Gold Price Surges To Rs 31,000/10 Gram: Here Are 5 Key Points For You

However, globally gold fell 0.12 per cent to $1,292 an ounce in Singapore.

Gold prices surged to Rs 31,000 aided by a slump in rupee and rise in festive demand. However, globally gold fell 0.12 per cent to $1,292 an ounce in Singapore. However, silver slumped by Rs 470 to Rs 40,800 per kg on lack of buying support from industrial units and coin makers. India is the world's second biggest consumer of gold after China.

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.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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