Gold prices again zoomed past the Rs27,000-level by surging Rs380 to close at a three-month high of Rs27,130 per 10 grams at the bullion market on Wednesday, tracking a firm trend overseas and increased buying by jewellers to meet the ongoing wedding season demand.
Moreover, a weaker rupee against the dollar that made the import costlier, led to rise in gold prices. The rupee was quoting lower by 20 paise to 68.03 against the dollar (intra-day) at the forex market on Wednesday.
Silver followed suit and recaptured the Rs35,000-mark by surging Rs760 to Rs35,260 per kg on increased offtake by industrial units and coin makers. Bullion traders said a firming global trend where gold soared to a two-month high ahead of the first Federal Open Market Committee meeting this year, influenced the precious metal prices. Gold in New York, which normally determines price trend on the domestic front, climbed 1.07 per cent to $1,119.70 an ounce in New York in Tuesday’s trade. Moreover, increased buying by jewellers and retailers driven by the ongoing wedding season demand, supported the uptrend, they said. In the national capital, gold of 99.9 and 99.5 per cent purity surged by Rs380 each to Rs27,130 and Rs26,980 per ten grams respectively, a level last seen on October 29 last year.
Sovereign also moved up by Rs100 at Rs22,500 per piece of eight grams. Following gold, silver ready surged by Rs760 to Rs35,260 per kg and weekly-based delivery by Rs925 to Rs35,270 per kg. On the other hand, silver coins spurted by Rs 2,000 to Rs51,000 for buying and Rs52,000 for selling of 100 pieces.