Continuing with rising streak for the 5th straight session, gold prices on Monday surged by Rs 160 to 3-week high of Rs 29,660 per 10 grams at the bullion market here in line with firm trend overseas and persistent buying by jewellers at domestic spot market.
However, silver halted its four-day rising trend and declined by Rs 65 to Rs 41,000 per kg on reduced offtake by industrial units and coin makers. Traders said sentiment remained firm after gold climbed to four-week high in global market as uncertainty mounted over the potential risks if Britain decides to leave the European Union, and on weak chances of the US Federal Reserve raising interest rates at its meeting this week. Globally, gold advanced 0.8 per cent to $1,284.29 an ounce, the highest level since May 16 in Singapore. In addition, continued buying by jewellers at domestic spot market fuelled the uptrend on gold.