Gold at fresh 3-mth high on seasonal demand; silver weakens
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New Delhi: Extending its rally for the 14th straight day, gold prices surged by Rs 150 to trade at fresh three-month high of Rs 27,575 per 10 grams at the bullion market Monday on persistent buying by jewellers to meet rising seasonal demand even as the metal weakened overseas.
Besides, the depreciating rupee which crashed to two-year low of 66.67 against the US dollar (intra-day) and withdrawal of funds from falling equities to gold, influenced sentiments.
However, silver met with resistance at prevailing levels and traded lower by Rs 300 to Rs 36,300 per kg.
Bullion traders said sustained buying by jewellers to meet rising seasonal demand mainly kept gold prices higher, but a subdued trend in the precious metal overseas, capped gains.
Globally, gold traded 0.2 per cent lower at USD 1,158.10 an ounce and silver fell 1.2 per cent to USD 15.14 an ounce in Singapore.
In the national capital, gold of 99.9 and 99.5 per cent purity spurted by Rs 150 each to Rs 27,575 and Rs 27,425 per 10 grams, respectively.
The yellow metal had gained Rs 2,445 in last 13 days.
In line with gold, sovereign also went up by Rs 100 to Rs 22,700 per piece of eight grams.
On the other hand, silver ready fell by Rs 300 to Rs 36,300 per kg and weekly-based delivery by Rs 340 to Rs 35,860 per kg.
Silver coins, however, remained steady at Rs 52,000 for buying and Rs 53,000 for selling of 100 pieces.
