US strike on Iran, weak rupee take gold nearer the Rs 40,000 mark

Feb gold goes past 40K on MCX, but spot market remains subdued as consumers shy away from making purchases at high levels

The price of gold in Mumbai’s Zaveri Bazar marched towards the Rs 40,000 level after a US attack on Iran airport killed several of the Gulf nation's army leaders. While, the metal's price has been rising for past two weeks, today’s surge is one of the most pronounced as it was aided by a weak rupee as well.

Standard gold ended at Rs 39,931 per 10 grams, up Rs 873 or 2.24 per cent over yesterday's close. The international price was quoting at around $1,549 an ounce following reports of the US airstrike. At the same time, the Indian currency