Gold price tops Rs27,000 on global cues, jewellers buying

New Delhi-India (Oct 14)   Gold prices again zoomed past Rs27,000-level by surging Rs385 to close at over two-week high of Rs27,185 in Delhi bullion market on Wednesday, tracking a firm trend overseas and increased buying by jewellers, driven by ongoing festive and wedding season demand.

Bullion traders said a firming global trend where gold soared to a three-month high as investors see less chance of higher US borrowing costs this year, influenced the precious metal prices.

Globally, gold in Singapore, which normally set price trend on the domestic front, climbed 0.5% to $1,174.81 an ounce, the highest level since 6 July.

Traders said pick up in buying activity on beginning of Navratras an auspicious period of making a fresh purchases in Hindu religion, also supported the upside in the prices.

In the national capital, gold of 99.9 and 99.5% purity, spurted by Rs385 each to Rs27,185 and Rs27,035 per ten gram respectively, a level last seen on 25 September. Sovereign, rose by Rs100 to Rs22,500 per piece of eight gram.

Following gold, silver ready recovered by Rs500 to Rs37,300 per kg and weekly-based delivery by Rs615 to Rs37,480 per kg. Silver coins flared up by Rs1,000 to Rs52,000 for buying and Rs53,000 for selling of 100 pieces.

Source:  PTI