Gold continued its seven-day rising momentum at the domestic bullion market here today due to robust offtake by stockists and retailers in the face of encouraging global cues.
Tracking the general positive trend, silver too surged ahead of reclaim the key Rs 37,000 mark on the back of aggressive speculative as well as industrial offtake.
Apart from strong domestic retail and jewellery demand ahead of peak wedding season, speculators who are heavily betting on gold following its soaring global valuations are mainly driving the prices here, a bullion trader said.
After a three consecutive annual loss, gold has just entered its strongest time of the year, embarking on a major rally against the backdrop of global financial and currency market volatility, he added.
Standard gold (99.5 purity) rose by Rs 220 to finish at Rs 27,995 per 10 grams from Monday’s closing level of Rs 27,775.
Pure gold (99.9 purity) also surged by a similar margin of Rs 220 to end at Rs 28,145 per 10 grams as compared to Rs 27,925 earlier.
Silver (.999 fineness) shot-up by a hefty Rs 785 to conclude at Rs 37,175 from Rs 36,390 yesterday.
On the global front, gold climbed further, maintaining its highly bullish wave following heavy demand from funds and investors amid a sell-off in global equities.
Spot gold was trading substantially higher at USD 1,195 an ounce after briefly retracing the key USD 1,200 mark in early European deals, while silver reclaimed the significant USD 15 level.