Gold tops Rs 27,000-mark; surges Rs 480 to hit 2 month high

Silver advanced by Rs 200 to Rs 36,500 per kg on increased demand from industrial units and coin makers

Gold reclaimed Rs 27,000-level today after a gap of two months by climbing Rs 480 to Rs 27,180 at the bullion market here supported by a firm trend in global market coupled with domestic wedding season demand.

Silver also advanced by Rs 200 to Rs 36,500 per kg on increased demand from industrial units and coin makers.

Bullion merchant said besides firming global trend where gold advanced to over six-week high on signs the US Federal Reserve may delay an interest rate hike as inflation remains low and the sell off in emerging markets spreads, boosted the sentiment here.

Besides, the rupee depreciating to a two-year low, making imports costlier and increased buying by jewellers to meet ongoing wedding season demand, too influenced gold prices, they added.

Globally, gold in Singapore, which normally sets price trend on the domestic front, climbed 1.4 per cent to USD 1,168.39 an ounce, the highest level since July 7.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 480 each to Rs 27,180 and Rs 27,030, respectively, a level last seen on June 19.

Gold prices have now gone up by a hefty Rs 2,200 in the 12 straight days, its longest winning-run this year. The sovereign also rose by Rs 100 at Rs 22,600 per piece of eight grams.

Tracking gold, silver ready advanced by Rs 200 to Rs 36,500 per kg and weekly-based delivery by Rs 305 to Rs 36,185 per kg.

Silver coins spurted by Rs 1,000 to Rs 52,000 for buying and Rs 53,000 for selling of 100 pieces.