MUMBAI: Global cues coupled with heavy buying by stockists helped gold to climb more steps on its journey towards north here at the bullion market on Monday.
Standard gold and ornaments gained Rs 15 each to Rs 12,025 and Rs 11,875 per 10 gram respectively. Sovereign was unchanged at Rs 9,925 per piece of eight gram.
Yellow metal gained in the global markets as surging crude oil prices raised concerns of high inflation, which boosted demand for the precious metal as a safe haven during such crisis, analysts said.
Jewellery fabricators buying to meet the fresh demand for the coming marriage season also led to the increase in gold prices, they said.
On the other hand, silver prices eased on reduced off take amid fresh stocks released in the market by stockists.
Silver ready fell by Rs 20 to Rs 23,700 per kg. However, silver weekly based delivery rose by Rs 42 to Rs 23,210 per kg as speculators still expecting the prices of the precious metal might pick up.
Silver coins continued to be asked at previous level of Rs 26,600 for buying and Rs 26,700 for selling of 100 pieces