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Gold at over 1-month high of Rs 28,365/10 grams

To contain the booming current account deficit, Reserve Bank of India urged all banks and authorised agencies to ensure that at least 20 per cent of the imported gold is made available for exports and a similar amount is retained with the customs.

Cheered by these measures, the yellow metal on Tuesday spurted by Rs 685 to hit an over one-month high of Rs 28,365 per 10 grams in Delhi.

In the last session, gold had spurted by Rs 390.

Traders say, RBI measures will make gold costlier.

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Gold at over 1-month high of Rs 28,365/10 grams

The upsurge was further supported by a firming global trend where gold gained the most in more than a year on speculation the US Fed will maintain economic stimulus, boosting the appeal of the precious metal as a store of value.

With the general firming trend, silver also shot up by Rs 795 to Rs 42,120 per kg, in continuation to a rise of Rs 800 in the previous session on rising demand from industrial units and coin makers.

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Gold at over 1-month high of Rs 28,365/10 grams

Gold in New York, which normally sets the price trend on the domestic front here, rose 3.3 per cent to $1,337.30 an ounce, the biggest gain since June 29, 2012.

In the national capital, gold of 99.9 and 99.5 per cent purity surged by Rs 685 each to Rs 28,365 and Rs 28,165 per 10 grams, respectively. Sovereigns also advanced by Rs 100 to Rs 24,400 per piece of eight grams.

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Gold at over 1-month high of Rs 28,365/10 grams

In a similar fashion, silver ready jumped up by Rs 795 to Rs 42,120 per kg and weekly-based delivery by Rs 845 to Rs 42045 per kg respectively.

Silver coins sky-rocketed by Rs 2,000 to Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.