Millennium Post

Gold sprints by `390 per 10 gm to 3-week high, silver up `600 per kg

Gold shot up to its highest level in three-weeks at the bullion market here as jewellery stockists and investors went on a buying spree tracking extremely bullish overseas sentiment amid speculative frenzy.

Elsewhere, silver rebounded sharply after a short pause and closed above the significant Rs 39,000 tag on the back of heavy demand from industrial users. A sharp spike in gold prices worldwide trade appeared to be the catalyst behind the sudden revival in domestic sentiment.

The shiny-metal surged way ahead to retrace the psychologically important $1,200 level for the first time in nearly three weeks. Standard gold (99.5 purity) shot-up by Rs 390 to end at Rs 26,690 per 10 grams from overnight closing level of Rs 26,300.

Pure gold (99.9 purity) also rallied by a similar margin to finish at Rs 26,840 per 10 grams compared to Rs 26,450. Silver (.999 fineness) zoomed by a whopping Rs 600 to conclude at Rs 39,010 per kg as against Rs 38,410 on Wednesday. On the global front, spot gold was trading substantially high at $1,208.00 an ounce in early European trade.

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