Gold sprints to multi-month high on buying buoyancy; silver zooms

Gold prices surged ahead to its highest level in four-month at the bullion market here powered by robust uptick from stockists and investors as well as good seasonal demand.

Silver staged a strong come back following frantic speculative buyout coupled with industrial offtake and finished above the key important Rs 39,000-mark.

Defying strong rupee sentiment and equities, yellow-metal continued their considerable ascent on the domestic market predominantly induced by a breathtaking rally in worldwide trade after the Swiss Central bank surprised market with slashing interest rates further into negative territory and abandon its efforts to keep its currency artificially cheap, a bullion trader said.

Standard gold (99.5 purity) jumped by Rs 250 to conclude at Rs 27,715 from Friday's closing level of Rs 27,465.

Pure gold (99.9 purity) also rose by a similar margin to end at Rs 27,865 per 10 grams as against Rs 27,615 previously.

Silver (.999 fineness) skyrocketed by Rs 1,350 to finish at Rs 39,570 compared to Rs 38,220 yesterday.

On the global front, gold February delivery shot up to settle at $1,276.90 an ounce on the Comex division of the NYMEX late yesterday, while silver March contract spiked to settle at $17.75 an ounce.