Continuing its rising streak for the third day, gold prices advanced by Rs.130 to Rs. 27,470 per ten grams in New Delhi on Wednesday on increased buying by jewellers and retailers amid ongoing festive season even as the metal weakened overseas.
Silver, however, met with resistance and dropped by Rs. 1,050 to Rs. 38, 650 per kg on reduced off-take by industrial units and coin makers.
Market-men said steady inflow of buying by jewellers and retailers, triggered by ongoing festive season and a weakening rupee against the dollar that made imports costlier, mainly influenced gold prices.
In Delhi, gold of 99.9 and 99.5 per cent purity rose by Rs. 130 each to Rs. 27,470 and Rs. 27,270 per ten grams, respectively. It had gained Rs. 110 in previous two days.
Globally, gold fell 0.24 per cent to USD 1205.80 an ounce in London.
Sovereign, however, held steady at Rs. 24,200 per piece of eight grams in limited deals.
On the other hand, silver ready plunged by Rs. 1,050 to Rs. 38,650 per kg and weekly-based delivery by Rs. 1, 025 to Rs. 38,170 per kg. It had gained Rs. 165 in last two sessions.
Silver coins, however, plummeted by Rs. 2,000 to Rs. 68,000 for buying and Rs. 79,000 for selling of 100 pieces.
