Gold prices soared sharply by Rs 550 to trade at Rs 30,450 per ten gram at the bullion market today after North Korea fired a missile over Japan, deepening the tension between Pyongyang and the US. Silver followed suit to recapture the Rs 41,000-mark by climbing Rs 900 to Rs 41,100 per kg on increased offtake by industrial units and coin makers.
Bullion traders said a firm trend overseas where gold rallied to the highest level this year after North Korea fired a missile over Japan, boosting demand for havens amid escalating tensions between Pyongyang and the US and its allies, mainly led to rally in gold prices. Fresh buying by local jewellers also helped the uptrend.
Globally, gold rose 0.90 per cent to USD 1,322.41 an ounce, the highest intra-day since November 9 last year and silver by 0.66 per cent to USD 17.54 an ounce in Singapore.
In the national capital, gold of 99.9 and 99.5 per cent purity surged by Rs 550 each to Rs 30,450 and Rs 30,300 per 10 gram respectively. The precious metals had lost Rs 50 in yesterday's trade. Sovereign also moved up by Rs 100 at Rs 24,600 per piece of eight gram.
Following gold, silver ready flared up by Rs 900 to Rs 41,100 per kg and weekly-based delivery by Rs 675 to Rs 39,900 per kg. Silver coins too spurted by Rs 1,000 to end at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.