New Delhi: Gold raced ahead for the fifth day on firm global cues and continuous buying by jewellers, with prices gaining Rs300 to hit a two-week high of Rs 1,550 per 10 grams in the bullion market on Thursday. Silver too soared Rs 600 to Rs 46,800 per kg following a surge in demand from industrial units and coin makers.

Bullion traders said sentiment remained bullish backed by a firm trend overseas after the US Federal Reserve yesterday decided to keep interest rates steady, thus whipping up demand for the precious metal. Besides, a weaker dollar fed the bullion's upmove. Globally, gold surged 1.54 per cent to close at $1,334.90 an ounce in yesterday's trade in New York.