Spot gold had risen 1.30 percent to USD 1,332.55 an ounce, after touching a high of USD 1,335.30 earlier in the day. Bullion prices surged by 4.8 percent in the previous session to top out at USD 1,358.20 - the highest since March 2014.
Gaining from safe haven buying post the Brexit referendum, gold prices are likely to remain firm and touch Rs 33,500 by the year-end due to factors like US elections, ongoing geopolitical tensions and volatility in currency markets, experts said.
Gold prices fell from 26-month high by plunging Rs 485 to Rs 30,400 per 10 grams at the bullion market today on considerable fall in demand from jewellers at prevailing higher levels amid profit-selling by stockists, even as the metal strengthened overseas.
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.