Gold spikes on sustained stockists offtake; silver recovers

Gold price continued to move higher for the third-straight session at the domestic bullion market here today due to increased demand from jewellery stockists and retail consumers amid firming overseas cues.
Silver regained some lost ground on the back of renewed industrial buying support.
Standard gold (99.5 purity) spurted by Rs 85 to finish at Rs 26,700 per 10 grams from overnight closing of Rs 26,615.
Pure gold (99.9 purity) also rose by a similar margin to end at Rs 26,850 per 10 grams against Rs 26,765 yesterday.
Silver (.999 fineness) edged up by Rs 80 to conclude at Rs 37,665 per kg from Monday's closing level of Rs 37,585.

On the global front, the metal edged higher on weaker dollar and bargain hunting, but gains were limited amid speculation over Fed rate hike earlier than expected.
Spot gold was substantially higher at USD 1,180.80 an ounce in early European trading, while silver inched up at USD 16.14 an ounce.