Gold surges to fresh high of Rs 28,540

Gold surged to a fresh all-time highof Rs 28,540 per 10 grams in the bullion market on Monday on sustained buyingby stockists and investment-driven purchases fuelled by the bullish trend ininternational markets.

The trading sentiment remained bullish after gold rallied tofresh record levels in overseas markets as the global economic slowdown andEuropean debt crisis boosted demand for bullion as a safe investment haven.

Gold in global markets, which normally sets the price trendon the domestic front, shot up by $34.20 to $1,887.30 an ounce.

A firming trend in the futures market, where gold jumped toa new record level, also fuelled the uptrend.

In the national capital, gold of 99.9 per cent and 99.5 percent purity advanced by Rs 310 to Rs 28,540 and Rs 28,390 per ten grams,respectively. Sovereigns followed suit and gained Rs 100 to Rs 22,500 per pieceof eight grams.

Trading in silver was closed today in observance of the'Janmashtami' festival.