Gold prices surged by Rs 160 to 3-week high of Rs 29,660 per 10 grams at the bullion market in line with firm trend overseas and persistent buying by jewellers at domestic spot market. (Photo: Reuters)
Continuing with rising streak for the 5th straight session, gold prices on Monday surged by Rs 160 to 3-week high of Rs 29,660 per 10 grams at the bullion market in line with firm trend overseas and persistent buying by jewellers at domestic spot market.
However, silver halted its four-day rising trend and declined by Rs 65 to Rs 41,000 per kg on reduced offtake by industrial units and coin makers.
Traders said sentiment remained firm after gold climbed to four-week high in global market as uncertainty mounted over the potential risks if Britain decides to leave the European Union, and on weak chances of the US Federal Reserve raising interest rates at its meeting this week.
Globally, gold advanced 0.8 per cent to $1,284.29 an ounce, the highest level since May 16 in Singapore.
In addition, continued buying by jewellers at domestic spot market fuelled the uptrend on gold.
In the national capital, gold of 99.9 and 99.5 per cent purity climbed Rs 160 each to Rs 29,660 and Rs 29,510 per 10 grams respectively, a level last seen on May 23.
The precious metal had gained Rs 470 in the previous four sessions.
Sovereign also moved up by Rs 100 to Rs 23,100 per piece of eight grams.
On the other hand, silver ready declined by Rs 65 to Rs 41,000 per kg while weekly-based delivery strengthened by Rs 80 to Rs 41,130 per kg on speculators buying.
Silver coins, however, were unaltered at Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.