Gold made the most of rising geo-political uncertainty as it rose for the second straight day, with prices surging Rs410 to an over one-month high of Rs29,760 per 10 grams on Thursday. Silver shot past the Rs42,000-mark by surging Rs925 to Rs42,750 per kg, driven by higher offtake.
Traders said the bullion derived its strength from a firm trend overseas as soaring geo-political tensions boosted the metal’s appeal as a safe haven. Globally, gold climbed 0.05 per cent to trade at a five-month high of $1,274.60 an ounce in Singapore.
Besides, persistent buying by local jewellers to cater to wedding season demand supported the upside, they said. In the national capital, gold of 99.9 per cent and 99.5 per cent purity went up by Rs410 each to Rs29,760 and Rs29,610 per 10 grams, respectively, a level last seen on March 6 when it had ended at Rs29,750. The precious metal had gained Rs60 on Wednesday. Sovereign also traded higher by Rs100 at Rs24,500 per piece of eight grams.