Gold spikes to 2-wk high on rising demand; silver hits Rs38k

Gold today hit a two-week high of Rs 26,270 per 10 grams on the bullion market here due to robust demand from stockists supported by good seasonal buying amid a firming overseas trend.
Silver reclaimed the significant Rs 38,000 mark following frantic speculative demand as well as higher industrial support.
Standard gold (99.5 purity) strengthened by Rs 190 to end at Rs 26,270 per 10 grams from overnight closing level of Rs 26,080.
Pure gold (99.9 purity) also strengthened by a similar margin to finish at Rs 26,420 per 10 grams compared to Rs 26,230.
Silver (.999 fineness) jumped by Rs 470 to conclude at Rs 38,430 per kg as against Rs 37,960 yesterday.

On the global front, the shiny-metal maintained its strong rallying momentum for the fifth consecutive session to climb the highest level in more than two weeks on the back broadly weaker dollar following disappointing US home sales data overnight and also fading rate hike fears.
Spot gold was bid higher at USD 1,193.00 an ounce in early European trade.