JOIN USGold on Saturday surged to five-week high by gaining Rs 280 to Rs 28,425 per ten gram in the national capital on increased buying by stockists and jewellers against restricted supply.
After gaining Rs 325 in the previous session, the fresh upsurge pushed up gold prices to a level last seen on June 19, in the face of tight stocks position ever since the RBI imposed fresh import norms.
Under a notification, banks and authorised agencies have been directed to ensure that at least 20 per cent of imported gold is made available for exports. However, silver lacked necessary buying support and declined by Rs 120 to Rs 41,230 per kg. In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 280 each to Rs 28,425 and Rs 28,225 per ten gram, respectively. Sovereign remained steady at Rs 24,400 per piece of eight gram.
On the other hand, silver ready declined by Rs 120 to Rs 41,230 per kg and weekly-based delivery by Rs 270 to Rs 41,010 per kg, respectively. The white metal had gained Rs 125 in the previous session.
Silver coins continued to be asked around previous level of Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces in limited deals. Globally, the shiny metal witnessed modest profit taking after recent rally as investors turned cautious ahead of Federal Open Market Committee (FOMC) meet next week amid ongoing uncertainty over the US Fed's bond-buying programme. Gold for August delivery dropped by $7.30 to end at $1,321.50 an ounce late yesterday on the Comex division of NYMEX. Silver for September contract shed 38 cents to close at $19.77 an ounce.