Mumbai: Gold prices shot up to reclaim the psychologically significant Rs 28,000 barrier, its highest level in more than a year, as frenzied buying continued unabated at the domestic bullion hub here.
- Tracking the general positive trend, silver too surged ahead to reclaim the key Rs 37,000 mark following aggressive speculative as well as industrial offtake.
- Active buying interest from jewellery traders and retailers ahead of peak wedding season mainly supported the rise even as speculators created huge positions, tracking a firming global trend.
- Standard gold (99.5 purity) soared by whopping Rs 430 in opening trade to Rs 28,205 per 10 grams, a the level not seen since January 31, 2015, as compared to overnight close of Rs 27,775.
- Pure gold (99.9 purity) also jumped by a similar margin to Rs 28,305 per 10 grams as against Monday's finish of Rs 27,925.
- Silver (.999 fineness) powered by a massive Rs 1,010 to Rs 37,400 from Rs 36,390 yesterday.
- Overseas, spot gold traded at USD 1,192.40 an ounce after climbing USD 1,200 an ounce level overnight, while silver quoted at USD 15.34 an ounce.
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