Gold price tops Rs 27,000 on global cues, jewellers buying

New Delhi: 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 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 offtake 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 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 percent to USD 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 Hindu religion, also supported the upside in the prices.

In the national capital, gold of 99.9 and 99.5 percent 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.