Gold surges to top Rs 29,000-level, silver regains Rs 42,000 mark

Surge was on the back of increased buying by jewellers to meet the ongoing wedding season demand

Gold prices on Monday regained the Rs 29,000-mark by soaring Rs 110 per 10 grams at the bullion market on a firming trend overseas amid increased buying by jewellers to meet the ongoing wedding season demand.

Silver also regained the Rs 42,000-mark by rising Rs 490 per kg on increased offtake by industrial units and coin makers.

Standard gold (99.5 purity) rose by Rs 110 to end at Rs 29,105 per 10 grams from last Friday's closing level of Rs 28,995.

Pure gold (99.9 purity) also jumped by a similar margin to finish at Rs 29,255 per 10 grams as against Rs 29,145.

Silver (.999 fineness) shot-up by Rs 490 to close at Rs 42,365 from Rs 41,875 earlier.

Globally, gold rose towards the 11-week highs hit last week as worries about the political landscape in the United States and Europe and a subdued dollar reinforced investor interest.

Spot gold rose 0.2 percent to $1,222.74 an ounce at early trade, having earlier hit $1,225.06, within touching distance of last week's peak of $1,225.30.

Spot silver rose 0.5 per cent to $17.55 an ounce.