The metal was trading at a discount of Rs 1,500 per 10 grams, or $65-70 an ounce, to the cost of imports, the highest since 2016, post demonetisation
Safe-haven buying of the metal has seen prices hitting a seven-year high in the international market and a life-time high in India
The precious metal hits 16-month high, consumers abstain from fresh purchase amid expectations of price decline