Gold Prices Hit Fresh One-Year High at Rs 31,350 Per 10 Gram

Gold zoomed Rs 990 to hit an 11-month high of Rs 31,350 per ten gram in the national capital as dollar sagged dollar sags and North Korea concerns escalated.

New Delhi, September 8: Gold prices on Friday hit a fresh one-year high at Rs 31,350 per 10 gram. Gold zoomed Rs 990 to hit an 11-month high of Rs 31,350 per ten gram in the national capital as dollar sagged dollar sags and North Korea concerns escalated. On Friday, gold prices hit a fresh one-year high early as dollar sagged on the back of weaker-than-expected U.S. jobs data and the euro firmed. On Thursday, gold held steady early as it was supported by a weaker dollar and lingering concerns over North Korea while silver climbed 0.5 per cent to $18.17 an ounce, while palladium added 0.6 per cent to $961.00 an ounce.

As per reports, spot gold was up 0.3 per cent at $1,353.12, marking its strongest level since August last year. US gold futures for December delivery were up 0.6% at $1,358. Reports by NDTV Profit informed that U.S. gold futures for December delivery were up 0.3 percent at $1,354.40 while the euro hovered below a 2-1/2-year high versus the dollar on Friday. The U.S. currency lost traction after a policy meeting by the European Central Bank did little to support the beleaguered greenback. Apart from all these factors, the number of Americans filing for unemployment benefits jumped to a more than two-year high last week amid a surge in applications in hurricane-ravaged Texas.

Reports state that due to increasing hurricanes, the damage expected is huge as safe-haven flows into gold, the Japanese yen and Treasuries have been seen of late. “The very strong yellow metal price is due to safe-haven flows. Some of the gold-strength is very much due to the ongoing North Korean tensions as well. The risk for intensified conflicts is there,” OCBC analyst Barnabas Gan was quoted by Reuters.