The precious metal again topped $1,100 an ounce mark in the global market.
The precious metal again topped $1,100 an ounce mark in the global market.
The depreciation in rupee, which plunged to almost two-year low against the dollar, also supported the upside in the global prices as it would make imports costlier.
In the forex market, rupee was trading 75 paise lower at 64.94 (intra-day) against the American currency.
Silver also rose sharply by Rs 640 to Rs 35,700 per kg on increased offtake by industrial units and coin makers.
Bullion traders said sentiment got a boost after gold rallied to three-week high in global markets following China's devaluation of its currency for the second straight
day, spurring demand for safe-haven assets.
Gold in Singapore, which mostly sets the price trend in the Indian market, was trading 0.6 per cent higher at $1,115.48 an ounce.
The precious metal had gained Rs 420 in the previous four days.
Sovereign gold followed suit and shot up by Rs 200 to Rs 22,400 per piece of eight gram.
Following gold rally, 'silver ready' recorded a hefty rise of Rs 640 to Rs 35,700 per kg and weekly-based delivery by Rs 450 to Rs 35,410 per kg.
Silver coins also spurted by Rs 2,000 to Rs 51,000 for buying and Rs 52,000 for selling of 100 pieces.
Image: A goldsmith shop owner displays gold pieces at a gold market. Photograph: Reuters
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