Gold prices in precious metals rose sharply on Wednesday as investors piled up in safe places amid escalating tensions between the United States and North Korea, where Pyongyang said it was considering plans to attack Guam.
Comex gold futures jumped $13.50, or around 1.1%, to $1,276.10 a troy ounce. Spot gold rose 0.6% to $1,267.79 per ounce at early trade. Silver rose 1.2% to $16.70 per ounce.
MCX Gold was up 0.67 per cent, or Rs 191, at Rs 28570 per 10 gram. MCX Silver was up 0.81 per cent, or Rs 304, at Rs 37803 per 1 kg.
With no major economic reports on Wednesday, market players seemed to look to the monthly inflation indicators later in the week to get new clues about the timing of the next Fed to raise the interest rate.
A report is due on US production for the month of July on Thursday, prices, and will report inflation in consumer prices released on Friday.
The yellow metal has received good support in recent weeks as expectations faded on the lifting of the third Fed interest rate this year, along with the deepening of the White House’s political turmoil, which boosted precious metals attract.
Latest holdings at the SPDR Gold Trust fell a slight 0.03 per cent to 786.87 tonnes on Wednesday, the lowest since March 2016.
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