Gold Surges Rs 900 On Global Cues, Black Money Crackdown

International spot gold on Wednesday rose to $1,333 an ounce, which is highest since October 3.

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Gold prices on Wednesday rose to 3-year high of Rs 31,750 per ten gram, gaining Rs 900 tracking global cues, black money Crackdown by the Government of India.

Gold prices rose following the government's scrapping high-denomination notes to curb black money and a firming trend overseas in view of Donald Trump's victory in US presidential election, reports PTI.

Gold Surges Rs 900 On Global Cues, Black Money Crackdown

"Sentiment also got a boost after gold jumped nearly 5 per cent in global market to its strongest in more than five weeks as investors sought safe havens in view of Trump's victory over Democrat Hillary Clinton in the US election", added further. 

Gold surged on Wednesday as investors dumped stocks and sought safe havens in gold after Donald Trump's won in US presidential election.

International spot gold on Wednesday rose to $1,333 an ounce, which is highest since October 3.

Gold is a safe haven asset and has rallied last week after Donald Trump was ahead in the latest opinion polls.

Gold futures on MCX for December 2016 contract, was trading at Rs 30,406 per 10 grams, up by 1.76 per cent at 2.55 pm IST. It touched an intra-day high of Rs 31,376.

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Read more about: gold, gold rates
Story first published: Wednesday, November 9, 2016, 10:45 [IST]
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