Riding high on firming global trend and marriage season demand, gold extended its Tuesday’s gains by rising Rs65 to trade at Rs27,420 per ten gramme at the bullion market on Wednesday. Silver also rose further by Rs100 to Rs37,600 per kg on pickup in demand from industrial units and coin makers. Traders said apart from a firming trend overseas, increased buying by jewellers, driven by marriage season, mainly kept the precious metal prices higher.
Gold in New York, which normally determines price trend on the domestic front, rose by 0.84 per cent to $1,211.80 an ounce in yesterday’s trade ahead of outcome of the US Federal Reserve two-day meeting later. Silver also up by 1.25 per cent to $16.61 an ounce. In the national capital, gold of 99.9 and 99.5 per cent purity added another Rs65 each to Rs27,420 and Rs27,270 per 10 gramme, respectively. The precious metal had surged by Rs305 in the previous session. However, sovereign continued to be enquired at last level of Rs23,700 per piece of eight gramme in limited deals.