New Delhi: Riding on strong global cues and increased buying by jewellers to meet the ongoing wedding season demand, gold prices flared by Rs 400 to Rs 29,900 per 10 grams at the bullion market Thursday.
Silver also soared by Rs 2,400 to close at Rs 40,900 per kg on hectic demand from industrial units and coin makers.
In the national capital, gold of 99.9 and 99.5 per cent purity recorded a hefty rise of Rs 400 each to Rs 29,900 and Rs 29,750 per ten grams respectively. Sovereign too traded higher by Rs 100 to Rs 23,200 per piece of eight grams.
Bullion traders said apart from a firming trend overseas, wedding season buying by jewellers as well as retailers, mainly pushed up the prices.
Globally, gold climbed 1.03 percent to USD 1,257.10 an ounce and silver by 2.72 percent to USD 17.40 an ounce in Singapore on bets that policy makers will be slow to raise US interest rates, raising demand for the safe-haven assets.
Tracking gold, silver ready regained the Rs 40,000 level, spurting by Rs 2,400 to Rs 40,900 per kg and weekly-based delivery soared by Rs 2,910 to Rs 41,230 per kg.
Silver coins skyrocketed by Rs 5,000 to Rs 64,000 for buying and Rs 65,000 for selling of 100 pieces.