New Delhi: Hardening further, gold prices surged 170 to trade at a one-and-a-half-month high of 26,870 per 10 grams at the bullion market on Monday, driven by a firming global trend and increased buying by jewellers to meet wedding season demand.

Silver also gained 275 to 37,000 per kg following higher offtake by industrial units and coin makers. Bullion traders said that besides a firming trend overseas where gold climbed to its seven-week high, brisk buying by jewellers to meet rising seasonal demand mainly took gold prices to a one-and-a-half-month high.

Globally, gold in Singapore, which normally sets the price trend on the domestic front, gained 0.2% to $1,158.20 an ounce amid speculation that the US Fed may refrain from tightening until the next year.

Silver also climbed 0.88% to $15.96 an ounce.

In the national capital, gold of 99.9% purity and 99.5% purity surged 170 each to 26,870 and 26,720 per 10 grams, respectively, a level last seen on 26 August. The precious metal had gained 100 in the previous session on Saturday. The sovereign also traded 200 higher at 22,400 per piece of eight grams.

Silver ready rose further by 275 to 37,000 per kg and weekly-based delivery by 330 to 37,160 per kg. Price of silver coins for 100 pieces was up by 1,000 at 52,000 for buying and 53,000 for selling.

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