Gold gains for 5th day on global cues; hits 2-mth high

Buoyed by positive global cues and sustained buying by jewellers at domestic spot markets, gold continued its rising streak for a fifth straight day -- its longest winning run in over a year -- and edged up by Rs 20 to Rs 26,350 per ten grams at the bullion market today.
Silver too maintained its upward journey and recorded a rise of Rs 100 to Rs 34,100 per kg on increased offtake by industrial units and coin-makers.
Traders said besides a firm global trend where gold rallied to a two-month high in yesterday's trade, increased buying by jewellers at the domestic spot markets to meet rising demand, mainly lifted the precious metal to over two-month highs.

Globally, gold surged 1.41 per cent to USD 1,109.20 an ounce and silver traded higher 2.22 per cent to USD 14.31 an ounce in New York in yesterday's trade. However, gold at Singapore was trading lower at USD 1,099.59 an ounce today.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity edged up by Rs 20 each to Rs 26,350 and Rs 26,200 per ten grams, respectively, its highest level since November 6. It had gained Rs 910 in the previous four days.
Sovereign, however, held steady at Rs 22,400 per piece of eight grams.

Following gold, silver ready gained Rs 100 to Rs 34,100 per kg and weekly-based delivery traded higher by Rs 125 to Rs 34,195 per kg.
On the other hand, silver coins, however, ended flat at Rs 49,000 for buying and Rs 50,000 for selling of 100 pieces.