Marching forward for the third straight day, gold prices today surged by another Rs. 180 to a nearly month high of Rs. 28,730 per 10 grams, in line with a firming trend overseas amid increased buying by local jewellers.
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Silver followed suit and advanced by Rs. 350 to Rs. 40,600 per kg due to increased offtake by industrial units and coin makers.
Traders said sentiment took a turn for the better after gold advanced to its highest level in four weeks in global markets as the US dollar retreated from a 14-year peak hit earlier this week, which kept the precious metals higher.
Globally, gold rose 0.9 per cent to USD 1,173.51 per ounce, the highest level in almost a month in Singapore.
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In addition, persistent buying by local jewellers at the domestic spot market provided more traction, they said.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed by Rs. 180 each to Rs. 28,730 and Rs. 28,580 per ten grams, respectively, a level last seen on December 8 when it closed at Rs. 28,710. The precious metal has gained Rs. 250 in the last two days.
Sovereign went up by Rs. 200 at Rs. 24,200 per piece of eight grams.
Following gold, silver ready hardened by Rs. 350 to Rs. 40,600 per kg and weekly-based delivery by Rs. 360 at Rs. 40,580 per kg.
Silver coins, however, held steady at Rs. 71,000 for buying and Rs. 72,000 for selling of 100 pieces.