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Gold Surges To 30-Month High On Buying Activity

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Gold advanced at the bullion market today on sustained buying by jewellers to meet rising demand at the domestic spot market.

Gold prices in the international market edged higher, hitting a 2-week high, as investors fear on further interest rate hikes in the US eased considerably after disappointing US economic data.

Gold was last seen trading at $1,349 an ounce after hitting a peak of $1,352 per ounce.

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Gold Surges To 30-Month High On Buying Activity
 

Gold has been under pressure from worries over rising interest rates in the US. A rise in US interest rates, would mean a drop in gold rates and vice versa.

Gold price rose by Rs 450 to Rs 31,550 per 10 grams - a 30-month high on Wednesday, as per PTI report.

At the Multi Commodity Exchange, gold for delivery in October rose marginally to Rs 31,388 per 10 gram, higher by Rs 10. The metal for delivery in far-month December was trading at Rs 31,547 higher by Rs 24 per 10 gram.

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