Gold soared to hit over one-month high at Rs 26,850 per ten grams by climbing Rs 200 at the bullion market Wedneday amid a firming global trend and increased buying by jewellers to meet wedding season demand.
In the national capital, gold of 99.9 and 99.5 percent purity zoomed by Rs 660 each, its biggest rise this year, to trade at Rs 26,810 and Rs 26,660 per ten grams respectively. It had gained Rs 600 previously on August 12.
Continuing its losing streak for the fifth straight day, gold tumbled by Rs 250 to over six-week low of Rs 26,150 at the bullion market Thursday, largely due to weak global trend amid subdued demand from jewellers.
Tracking a weak overseas trend and slackened demand from jewellers, gold continued its slide for the third straight day as prices fell by Rs 235 to Rs 26,575 per ten gram at the bullion market Tuesday.
Riding higher on buoyant festive spirit, the yellow metal spiked to near one-month high at the domestic bullion market here on frantic stockists buying even as a global selloff in commodities continued.
Snapping its two-day falling streak, gold prices recovered by Rs 30 to Rs 26,540 per ten grams at the bullion market on Wednesday, tracking a firm trend overseas amidst renewed buying by jewellers to meet wedding season demand.
Gold held close to its highest level in nearly three weeks on Monday, boosted by safe-haven demand after the Federal Reserve`s move last week to leave US interest rates unchanged weighed on global equities.
Snapping its three-day losing streak, gold prices recovered by Rs 45 to Rs 26,460 at the bullion market Friday on emergence of buying by jewellers and retailers to meet wedding season demand amid upbeat global trend.
Continuing its losing streak for a third straight session, gold prices plunged by Rs 260 to Rs 26,415 per ten grams at the bullion market Thursday, tracking a weak global trend amid low demand by jewellers and retailers.