Gold futures rose sharply after a sharp drop on Tuesday as geopolitical risks increased after North Korea said it successfully tested an intercontinental ballistic missile.
Gold futures were at $1,224.94 a troy ounce, up $5.74, or around 0.47%.
MCX Gold was trading 0.15 per cent, or Rs 42, higher at Rs 28,128 per 10 gram.
The North Korean army has launched an “unknown ballistic missile” that landed in the Sea of Japan, the South Korean army and the Japanese government said. Tokyo has strongly protested what it called a clear violation of UN resolutions.
The timing of the great launch days before the leaders of the Group of 20 study steps aimed at curbing North Korea’s weapons programs.
Holdings in SPDR Gold Trust , fell 0.73 per cent to 846.29 tonnes on Monday. US markets will remain shut on Tuesday for Independence Day holiday.
It is likely to remain minimal trade volumes with closed Tuesday for the holiday of Independence Day US markets.
Among other precious metals, silver rose 0.38% to $ 16.09 per ounce.
MCX Silver was up 0.33 per cent, or Rs 122, at Rs 37,372 per 1 kg.
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