Gold recaptures Rs 26,000 mark; silver hits 1-1/2 month high

Mumbai: Gold regained the psychologically significant Rs 26,000-mark and closed at its highest level in nearly two weeks on the bullion market here due to good demand from jewellery stockists and retailers driven by highly bullish overseas sentiment. Moving in line with the trend, silver also surged way ahead to finish at 1-1/2 month high following heavy industrial buying.

Standard gold (99.5 purity) strengthened by Rs 175 to conclude at Rs 26,100 per 10 grams from overnight level of Rs 25,925. Pure gold (99.9 purity) also climbed by a similar margin to end at Rs 26,250 per 10 grams compared to Rs 25,925. Silver (.999 fineness) shotup by a whopping Rs 1,005 to finish at Rs 37,885 per kg against Friday's level of Rs 36,880.

In worldwide trade, the shiny-metal maintained its strong rallying momentum on the back hectic short covering as well as investment demand buoyed by Fed policy statement amid weak dollar. Gold for April delivery jumped USD 15.60 to settle at USD 1,184.60 an ounce on the Comex division of the NYMEX late on March 20, while silver May delivery rose to end at USD 16.883 an ounce.