Gold prices shot up to Rs31,050 per 10 grams, a 28-month high, by surging Rs400 in the bullion market on Wednesday, underpinned by risk-off attitude among investors and positive global cues. Pick-up in jewellers' buying in domestic markets came as a shot in the arm.
Silver spurted Rs750 to regain the crucial Rs47,000 per kg mark on increased offtake by industrial units and coin makers. According to traders, fears of Brexit impact resurfaced, which led to a firming global trend in gold.
So much so that the prices climbed to the highest in more than two years as investors, worried about the global economic outlook, sought refuge in the precious metal. Globally, gold advanced 1.1 per cent to $1,371.39 an ounce, the highest level since March 2014, and silver increased 2.4 per cent to $ 20.41 an ounce in Singapore.