Gold prices surge crossing $1,374.91 per oz mark

Gold prices increased on global uncertainity, rising in the international markets and surging above the $1,374.91 per oz mark. In India, gold prices have stood at Rs 31,953 per 10 grams, a high above the levels of March 2014, as per reports. The rise in prices has been the effect of Brexit and the announcement by the US Federal Reserve of not announcing a rate hike, until the environment settles post Brexit, as per reports.

Gold surged upwards globally as well as in India, crossing $1,374.91 per oz on Wednesday in international markets and Rs 31,953 per 10 gms in domestic trading, surpassing prices last seen in March 2014, before closing marginally lower.

Other factors included a good anticipated monsoon in India, the onset of marriage and festival occasions, while in the global sphere gold ETF SPDR Gold Trust (GLD) has made high purchases, which crossed its holding above the 980 tonne mark.