Gold regained its glitter to trade Rs590 higher at Rs27,550 per ten grams in the national capital today on the back of increased demand from jewellers and retailers, driven by ongoing festive and wedding season.
Silver also recorded a significant rise of Rs550 to Rs39,900 per kg on increased offtake by industrial units and coin makers.Bullion traders attributed the rise in precious metal prices to emergence of buying by jewellers and retailers driven by ongoing “Navratras”, considered as an auspicious week for making new purchases according to Hindu mythology.
Gold has witnessed the biggest rise since June 20 this year when it had gained Rs605 to Rs28,625 per ten grams.Besides, firming trend overseas as tensions in the Middle East boosted demand for protection of wealth coupled with weakening rupee that made import costlier, also buoyed sentiments, they said.Globally, gold in Singapore, which normally determines price trend on the domestic front, rose by 0.6 per cent to $1,228.51 an ounce and silver by 0.8 per cent to $17.66 an ounce.
In Delhi, gold of 99.9 and 99.5 per cent purity zoomed by Rs590 each to Rs27,550 and Rs27,350 per ten gram respectively. Sovereign, however, held steady at Rs24,200 per piece of eight gram. It had lost Rs250 in yesterday’s trade.