Gold hits 1-month high on global cues

Gold prices hit one-month high and reclaimed the Rs 27,000 per 10-gram level at the bullion market here today on higher offtake by stockists and investors coupled with firm buying triggered by bullish global trend.

Silver, which had been on southward journey since the last six trading sessions, rebounded strongly and retraced the Rs 41,000 per kg mark on the back of sustained speculative buying amid heavy industrial off-take.

Standard gold of 99.5 per cent purity shot up by Rs 440 to settle at Rs 27,325 per 10 gm from last Saturday's closing level of Rs 26,885.

Pure gold of 99.9 per cent purity climbed up by Rs 435 to conclude at Rs 27,465 per 10 gm from Rs 27,030.

Silver ready (.999 fineness) zoomed by Rs 1,000 to end at Rs 41,885 per kg as against Rs 40,885 last weekend.

In overseas markets, the yellow metal surged to hit one-month high on heavy investor offtake amid weak dollar as it broke the tough resistance of USD 1,300-level an ounce on diminishing nervousness that US Federal Reserve would soon end monetary easing.

In London, gold spot was bid higher at USD 1,314.99 an ounce in early trade and silver bid up at USD 19.87 an ounce.