Gold posts biggest single-day gain this year, surges by Rs 715

Mumbai-India (Nov 15)  Clocking the biggest single-day gain this year, gold prices today soared by Rs 715 to Rs 26,850 per ten grams in the national capital on pick up in wedding season demand coupled with strong global cues.

In addition, depreciating rupee against the dollar, which makes imports of precious metal costlier, also influenced the sentiment. The rupee closed at nearly one-month low of 61.72 against the greenback yesterday.

Silver also recorded a massive gain of Rs 2,100 to Rs 36,700 per kg on increased offtake by industrial units and coin makers.

Sentiment bolstered after gold surged by over USD 40 to a two-week high of USD 1,193.34 an ounce in New York yesterday, the highest since October 31.

Weakening of the dollar also raised demand of gold as safe-haven and an alternative investment, bullion traders said.

Globally, silver also surged 4.4 per cent to USD 16.31 an ounce, the highest gain since February 14.

Besides, rising domestic demand from jewellers and retailers for the ongoing wedding season too influenced precious metal prices, they said.

In Delhi, gold of 99.9 and 99.5 per cent purity zoomed up by Rs 715 each to Rs 26,850 and Rs 26,650 per ten grams respectively. It had lost Rs 315 in the past two days.

Sovereign moved up by Rs 200 to Rs 23,800 per piece of eight gram. Following gold, silver ready spurted by Rs 2,100 to Rs 36,700 per kg and weekly-based delivery by Rs 2,031 to Rs 36,030 per kg.

Silver coins flared up by Rs 3,000 to Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces.

Source: deccanherald