Gold prices zoomed to 26-month high of Rs31,510 per ten gram Friday in the biggest single-day gain of Rs1,215 since August 2013 as Britain voted to exit the European Union leading to bloodbath in global equity and currency markets.
It was gold’s highest closing level of Rs 30,730 after April 28, 2014 in the bullion market in New Delhi.
The rupee too hit a four-month low of 68.21 against the US dollar, making the dollar-quoted gold expensive.
Silver also registered a steep rise of Rs1,000 to Rs42,300 per kg, largely in tandem with global trend as money flew to safe-haven investments following trouble over Brexit - Britain’s exit from EU.
Gold in London, which normally sets the price trend in the market here, soared as much as 8.1% to $1,358.54 an ounce -- the highest since March 2014. The rally was the biggest daily jump since 2008.
On the domestic front, gold of 99.9 and 99.5% rallied by Rs1,215 each to Rs30,885 and Rs30,735 per 10 gram, highest level since April 28, 2014.
Traders said a significant rise of 6.45 per cent in yellow metal prices on the Multi Commodity Exchange in early trade today further supported the uptrend, indicating more demand for the precious metals in coming sessions.