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Gold reclaims 30,000 mark, silver rises on Brexit

The Brexit referendum unanimously decided Britian leaving the European Union triggered across the global market collapse and investors racing for safe-haven assets.

twitter-logo PTI   Mumbai     Last Updated: June 24, 2016  | 19:28 IST

Britain exit from European Union triggered sharp rally in domestic gold prices as the sparkler reclaimed 30K-level - its highest level in two-years, zooming Rs 1,225 per 10 grams at the bullion market in Mumbai on Friday.

The Brexit referendum unanimously decided Britian leaving the European Union triggered across the global market collapse and investors racing for safe-haven assets.

A sharp fall in rupee against the dollar which tumbled to a four-month low of 67.96 also weighed on trade.

Silver surged by Rs 1,575 per kg on higher speculative and industrial offtake.

Standard gold (99.5 purity) zoomed by Rs 1,225 to close at Rs 30,755 per 10 grams from Thursday's closing level of Rs 29,530.

Pure gold (99.9 purity) also rose by a similar margin to conclude at Rs 30,905 per 10 grams from Rs 29,680.

Silver (.999 fineness) surged by Rs 1,575 to end Rs 42,930 per kg as against Rs 41,355 on Thursday.

Globally, gold soared as much as 8 percent to its highest in more than two years after Britain delivered a shock vote to leave the European Union, leaving investors to scurry for protection in the precious metal and other assets perceived as less risky.

Spot gold peaked at $1,358.20 per ounce and was up 4.5 percent at $1,313 an ounce at early trade, while U.S.

Gold futures for August delivery were up $54.80 an ounce at $1,317.50, off an early high of $1,362.60 an ounce.

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