Gold price surges 1.7% at Rs 37,848 amid global geo-political tensions

Rising tensions in West Asia, following the attack on Saudi Arabia's largest oilfield Aramco, has added fuel to fire with respect to gold

The price of gold rose 1.67 per cent in the spot market here on Thursday, following global developments. Mounting geopolitical tensions raised the bullion’s safe heaven appeal. Standard gold in Zaveri Bazaar (Mumbai) jumped Rs 623 to close at Rs 37,848 per 10 gram on Thursday, from its previous close of Rs 37,225 per 10 gram on Tuesday. 

Over the last two days, however, spot bullion prices in London have risen sharply, following heightening tensions between the US and Iran. The ongoing trade war between the US and China, too, has added to global economic uncertainty, which has encouraged consumers