Gold surges 6-week high on festival buying, firm cues

New Delhi, August 16: Gold prices surged to a six-week high in the national capital today on persistent buying by stockists and jewellers to meet the festive demand amid a firming global trend.

The precious metal, which had gained Rs 430 in last four trading sessions, added another Rs 75 to trade at Rs 18,870 per ten grams, a level last seen on July 3.

Market analysts said persistent buying by stockists and jewellers for the festive season demand and firm trend in global markets continued to supported the rise in gold and silver prices.

They said fears of slow down in global economic growth mainly raised demand for the precious metal as a safe haven for investors and lifted the prices.

Gold in global markets, which normally sets the price trend on the domestic front, added 6.50 dollar to USD 1,221.90 an ounce.

–Agencies