Gold jumps 0.7% to hit a two-week high

Standard gold jumped sharply to hit a two week high in Zaveri bazaar here on Monday following global move where sustained weakness in dollar encouraged investors to seek refuge in the bullion. In London, gold rallied to touch seven-week high in early Monday trade.

While gold jumped by 0.7% to close on Monday at Rs 26,700 per 10 grams in local markets here, silver soared by 1% to Rs 37140 a kg. Both precious metals jumped by 1.14% and 2.46% in the last one week respectively.

In London, meanwhile, gold jumped by over 1% to $1168.4 an oz, a gain of $12.4 from Friday. Silver followed suit and gained nearly 1% to $16.01 an oz in early London trade. Analysts believe, the bull run in gold would continue in near future till the US Fed raises interest rates.