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Gold zooms 30k, silver spurt on Brexit

Silver surged by Rs 1,575 a kg on higher speculative and industrial offtake

Press Trust of India  |  Mumbai 


Britain's exit from the European Union (EU) triggered a sharp rally in domestic prices as the sparkler reclaimed 30K-level, its highest in two-years, zooming Rs 1,225 per 10 grams at the bullion market here on Friday.

The referendum unanimously decided Britian leaving the triggered global collapse and investors racing for safe-haven assets.

A sharp fall in the rupee against the dollar which tumbled to a four-month low of 67.96 also weighed on trade.

surged by Rs 1,575 a kg on higher speculative and industrial offtake.

Standard (99.5 purity) zoomed by Rs 1,225 to close at Rs 30,755 per 10 grams from Thursday's closing level of Rs 29,530.

Pure (99.9 purity) also rose by a similar margin to conclude at Rs 30,905 per 10 grams from Rs 29,680.

(.999 fineness) surged by Rs 1,575 to end Rs 42,930 a kg as against Rs 41,355 on Thursday.

Globally, gold soared as much as 8% to its highest level in more than two years after delivered a shock vote to leave the EU, leaving investors to scurry for protection in precious metal and other assets perceived as less risky.

Spot gold peaked at $1,358.20 an ounce and was up 4.5% at $1,313 an ounce at early trade, while the US gold futures for August delivery were up $54.80 an ounce at $1,317.50, off an early high of $1,362.60 an ounce.

First Published: Fri, June 24 2016. 18:49 IST