Gold prices on Tuesday surged ahead to revisit its highest level in 22 months in bullion market. The rally in the precious metal was fuelled by a buying spree by jewellers and stockists and bullish sentiments overseas.
Another precious metal, Silver also shot up to reclaim the important mark of Rs 38,000 per kilo gram due to steady industrial demand and speculative buying.
Standard gold (99.5 purity) rose by Rs 270 to finish at Rs 29,580 per 10 grams from last Friday’s closing value of Rs 29,300 – its strongest close since May 12, 2014.
Pure gold (99.9 purity) also climbed by a similar margin to end at Rs 29,720 per 10 grams as compared to Rs 29,450 earlier.
Silver (.999 fineness) zoomed by a whopping Rs 700 per kg to conclude at Rs 38,350 as against Rs 37,650 last weekend.
Meanwhile, the ongoing strike by the bullion traders and jewellers entered its seventh straight day today against the Budget proposal to impose one per cent excise duty on jewellery.
In worldwide trade, the shinny metal rebounded sharply to hit a 13-month high on heavy safe-haven demand as sentiment turned highly buoyant after downbeat Chinese trade data from the world’s second largest economy fueled concerns about global growth.
Spot was trading substantially higher at USD 1,273.40 an ounce in early European trade, while silver quoted a tad weak at USD 15.59 an ounce.
(With agency inputs).