Gold regains Rs17k level on firm global cues

Gold regains Rs17k level on firm global cues

New Delhi: Gold prices on Monday skyrocketed by Rs175 to trade at Rs17,100 - an over one-month high - in the bullion market on brisk buying triggered by strong global cues.

Standard gold and ornaments spurted by 75 each to 7,100 and 6,950 per ten grams, respectively, a level last seen on 8 March. Sovereign gained 25 to trade at 14,025 per eight-gram piece.

The trading sentiment turned bullish as gold rose to its four-month high in the Asian region, touching a 27-year high in Tokyo.

In Singapore, the metal gained 0.7% to $1,170, the highest level since 4 December 2009.

Some investors shifting their money from weakening equity markets to bullion also caused the prices to improve, they added.

In line with the general firming trend, silver ready rose by Rs150 to Rs28,150 per kg and weekly-based delivery by Rs245 to 27,995 per kg.

However, silver coins held steady at Rs33,600 for buying and Rs33,700 for selling of 100 pieces.