SRINAGAR: Gold prices surged Rs 1,000 on Wednesday, crossing the Rs 1 lakh mark per 10 grams in the national capital, as tensions between India and Pakistan drove a rush for safe-haven assets.
According to the All India Sarafa Association, gold of 99.9 percent purity rose to Rs 1,00,750 from Rs 99,750 a day earlier. Gold of 99.5 percent purity also jumped Rs 1,050 to Rs 1,00,350 per 10 grams.
The rise followed Indian missile strikes on terror targets in Pakistan and Pakistan-occupied Kashmir in retaliation for the Pahalgam terror attack. Targets included Jaish-e-Mohammad’s base in Bahawalpur and Lashkar-e-Taiba’s centre in Muridke.
Gold had previously touched a record high of Rs 1,01,600 per 10 grams on April 22.
Silver also gained Rs 440 to Rs 98,940 per kg from Tuesday’s Rs 98,500.
In global markets, spot gold fell 1.8 percent to USD 3,369.65 per ounce as hopes of progress in US-China trade talks cooled safe-haven demand. Spot silver dropped 1.24 percent to USD 32.81 per ounce.
