Gold soars by Rs 600 in Mumbai's Zaveri Bazar, silver shows modest uptrend

Strong rupee takes some shine off rally in yellow metal; jewellery buyers defer fresh purchases on hopes of a correction in prices from current high levels

Gold price in India were up by nearly two per cent on Wednesday, following global cues as escalating geo-political tensions raised the metal’s safe haven appeal.

Standard gold in India’s popular Zaveri Bazaar rose by Rs 607 or 1.81 per cent to trade at Rs 34,214 per 10 grams on Wednesday, though this was much lower than the lifetime record high reached a week ago. In London, gold hit the highest in six years to reach the day’s high of $1,437 an oz on escalating geo-political tensions, indication of the interest rate cut by the United States Federal Reserve and