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Gold surpasses $1,350 level in international market

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June 14, 2019 (MLN):  In international market, Gold price climbed more than 1% on Friday, surpassing the key $1,350 level for the first time since April last year.

The spot rate of gold climbed 1.01% to $1,355.49 per ounce at 0749 GMT, after striking its highest level since April 11, 2018 at $1,358.04 earlier in the session.

So far this week, gold has risen 1.1%, keeping the yellow metal on track for its fourth consecutive weekly gain.

Gold has seen upward momentum today partially over geopolitical risk premium increasing higher on the back of Middle East tensions, as on Thursday, Washington blamed Iran for attacks on two oil tankers in the Gulf of Oman, raising concerns about a new U.S.-Iranian confrontation.  

In addition, unexpectedly poor performance in the labor market also raised safe-haven demand. 

Similarly, in domestic market, Gold price reached all time high, as it rose by Rs 2700 per tola to reach at 75900 Rupees per tola.

While, Gold price per 10 grams mounted by Rs 2315 to settle at 65072 Rupees.

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Posted on: 2019-06-14T14:56:00+05:00

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