Posting this year’s biggest single-day rise of Rs840, gold today regained the Rs27,000 per ten gram level after a gap of over one month in the national capital, tracking rebounds in global markets.
In addition, pick-up in domestic demand from jewellers and retailers for the wedding season also buoyed sentiment.After losing Rs730 in last six sessions after the RBI eased imports curbs by scrapping 80:20 scheme, gold staged a strong comeback by rising Rs 840 to close at Rs27,040 per ten grams, a level last seen on October 30.
Silver also recorded a significant gain of Rs2,700 to Rs37,000 per kg on increased offtake by industrial units and coin makers.Sentiment bolstered after gold surged by 3.69 per cent, its biggest gain since September 19, to $1,218.10 an ounce in New York yesterday, as rebound in crude price revived demand for the precious metal as stores of value, bullion traders said.Globally, silver also surged 7.3 per cent to $16.69 an ounce yesterday, the highest gain since September 2013.Besides, rising domestic demand from jewellers and retailers for the ongoing wedding season too influenced precious metal prices, they said.
In Delhi, gold of 99.9 and 99.5 per cent purity zoomed up by Rs840 each to Rs27,040 and Rs26,840 per ten grams respectively. Sovereign moved up by Rs100 to Rs23,700 per piece of eight gram. Following gold, silver ready spurted by Rs2,700 to Rs37,000 per kg and weekly-based delivery by Rs2,420 to Rs36,340 per kg.Silver coins recovered sharply by Rs3,000 to Rs61,000 for buying and Rs62,000 for selling of 100 pieces.