Gold hits 2017 high on N Korea's nuclear test, at Rs 30,600

Gold prices surged by Rs 200 to trade at Rs 30,600 per ten gram - its highest level this year - at the bullion market today after North Korea conducted its most powerful nuclear test, escalating the geopolitical tensions.

Besides, increased buying by local jewellers lifted gold prices to this year's highest level.

Silver also moved up by Rs 200 to Rs 41,700 per kg backed by increased offtake by industrial units and coin makers.

Bullion traders said a firm trend overseas where gold hit 10-month high on mounting geopolitical tensions after North Korea's latest nuclear test drove investors towards the safehaven assets, mainly buoyed sentiment here.

Globally, gold rose 0.71 per cent at USD 1,333.80 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity climbed by Rs 200 each to Rs 30,600 and Rs 30,450 per ten gram respectively. The precious metals had gained Rs 350 in the previous two sessions.

Sovereign however remained unaltered at Rs 24,600 per piece of eight gram.

Following gold, silver ready advanced by Rs 200 to Rs 41,700 per kg and weekly-based delivery by Rs 540 to Rs 40,560 per kg.

Silver coins however continued to be traded at previous level of at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.