Gold soared to Rs.27,565 per 10 grams on Wednesday, going up by Rs.315.
"This rise in gold price is taking place due to weakening of rupee against dollar. Otherwise in the global market gold is still below $1,200 per ounce," Bachharaj Bamalwa, past chairman and director of All India Gems & Jewellery Trade Federation, told IANS.
Bamalwa is hopeful that the prices will stabilise as and when the rupee will strengthen against dollar.
Also high demand for the yellow metal in view of the wedding season helped the price to soar.
Silver price also shot up by Rs.700 to Rs.38,500 per kg on Wednesday.
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