Gold tops Rs 30,000-mark, spurred by safe haven appeal

Gold made good use of growing safe haven demand as prices reclaimed the Rs 30,000-mark by gaining Rs 130 to trade at an over three-month high today, with local buying providing crucial support.
Silver also advanced by Rs 60 to Rs 40,130 per kg due to increased offtake by industrial units and coin makers.
In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 130 each to Rs 30,020 and Rs 29,870 per ten gram, respectively, a level last seen on April 22. The precious metal had gained Rs 540 in the previous two sessions.

Sovereign, however, remained unaltered at Rs 24,500 per piece of eight grams in limited deals.
Traders said sentiment got a lift after gold moved up in global markets as geo-political tensions between the US and North Korea persisted, pushing investors to the gold asset class.
Globally, gold rose 0.09 per cent to USD 1,286.90 an ounce and silver by 0.03 per cent to USD 17.10 in Singapore.

Besides, persistent buying by local jewellers at the domestic spot market supported the upmove, they added.
Following gold, silver ready rose further by Rs 60 to Rs 40,130 per kg and weekly-based delivery by Rs 110 to Rs 39,100 per kg.

On the other hand, silver coins stayed steady at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.