Gold prices again zoomed past Rs. 27,000-level by surging Rs. 385 to close at over two-week high of Rs. 27,185 at the bullion market on Wednesday, tracking a firm trend overseas and increased buying by jewellers, driven by ongoing festive and wedding season demand.
Silver also recovered by Rs. 500 to Rs. 37,300 per kg on increased off-take by industrial units and coin makers. Bullion traders said a firming global trend where gold soared to a three-month high as investors see less chance of higher U.S. borrowing costs this year, influenced the precious metal prices.
Globally, gold in Singapore, which normally sets the price trend on the domestic front, climbed 0.5 per cent to $1,174.81 an ounce, the highest level since July 6. Traders said pick up in buying activity on beginning of Navratras, an auspicious period of making a fresh purchases in the Hindu religion, also supported the upside in the prices.
In the national capital, gold of 99.9 and 99.5 per cent purity, spurted by Rs. 385 each to Rs. 27,185 and Rs. 27,035 per ten gram respectively, a level last seen on September 25. Sovereign rose by Rs. 100 to Rs. 22,500 per piece of eight gram.
Following gold, silver ready recovered by Rs. 500 to Rs. 37,300 per kg and weekly-based delivery by Rs. 615 to Rs. 37,480 per kg. Silver coins flared up by Rs. 1,000 to Rs. 52,000 for buying and Rs. 53,000 for selling of 100 pieces.
