Mumbai: Gold prices surged by Rs280 per 10 grams at the bullion market on Monday, tracking a firm global trend and pick up in buying by jewellers and retailers amid wedding season demand. Silver prices continued its upward journey for the fourth day, on increased offtake by industrial units.
Standard gold (99.5 purity) gained by Rs280 to end at Rs 29,425 per 10 grams as against Thursday’s closing level of Rs 29,145. Pure gold (99.9 purity) also rallied by a similar margin to conclude at Rs 29,575 per 10 grams as against Rs 29,295 previously.
Silver (.999 fineness) rose by Rs 75 to finish at Rs 43,170 as compared to Rs 43,095 on last Thursday.
On the global front, gold hit a five-month high as investors took refuge in safe-haven assets in the wake of rising geopolitical tensions over North Korea.
Spot gold was up 0.3% at $1,288.50 per ounce at early trade, after hitting its highest since early November at $1,295.42 earlier in the session.
Spot silver was up 0.2% at $18.55 after touching a five-month high of $18.649.