After
its biggest single day rise in two years on Friday, the precious metal
advanced to a level last seen on December 18, 2012 due to tumbling rupee
and stocks.
The rally in precious metals sparked
after rupee plunged to all-time low of 61.65 against American currency,
raising fears the dollar-denominated metal would become costlier and
restrict supply into the market after the RBI prohibited inward shipment
of gold coins.
Investors rushing to bullion as a
safe haven following free fall in equities and Forex further influenced
the market sentiment. Firming global trend was another positive factor
for the precious metals.
