Gold on Friday regained its sheen in the country’s major bullion markets with prices soaring up to Rs. 590, the second biggest single-day gain this year on emergence of buying by jewellers and retailers, triggered by ongoing festive and wedding season.
In the national capital, gold prices climbed the most by Rs. 590 to Rs 27,550 per 10 grams. The precious metal has recorded the biggest rise since June 20 this year when it had gained Rs. 605 to Rs. 28,625 per 10 grams.
In Kolkata, the precious metal recorded a significant rise of Rs. 320 to Rs. 27,285 per 10 grams, while it gained Rs. 270 at Rs. 27,190 per 10 grams in Chennai.
The precious metal rose by Rs. 190 to Rs. 26,905 per 10 grams in Mumbai.
Bullion traders attributed the rise in precious metal prices to emergence of buying by jewellers and retailers driven by ongoing ‘Navratri’, considered as an auspicious week for making new purchases according to Hindu mythology.
Besides, a better trend overseas ahead of US GDP data also influenced bullion prices on the domestic markets, they said.
Gold prices in London, which normally determines the domestic rate trend, rose by 0.1 per cent to $1,222.64 an ounce and silver by 0.5 per cent to $17.61 an ounce in early trade.
In futures trade, the October contracts of the metal, however, was trading 0.53 per cent lower at Rs. 26,792 per 10 grams on the MCX.
