Gold price hits 3-month high, zooms past Rs 27,000 per 10 grams level

New Delhi: Gold prices again zoomed past the Rs 27,000-level by surging Rs 380 to close at a three-month high of Rs 27,130 per 10 grams at the bullion market Wednesday, tracking a firm trend overseas and increased buying by jewellers to meet the ongoing wedding season demand.

Moreover, a weaker rupee against the dollar that made the import costlier, led to rise in gold prices.

The rupee was quoting lower by 20 paise to 68.03 against the dollar (intra-day) at the forex market today.

Silver followed suit and recaptured the Rs 35,000-mark by surging Rs 760 to Rs 35,260 per kg on increased offtake by industrial units and coin makers.

Bullion traders said a firming global trend where gold soared to a two-month high ahead of the first Federal Open Market Committee meeting this year, influenced the precious metal prices.

Gold in New York, which normally determines price trend on the domestic front, climbed 1.07 per cent to USD 1,119.70 an ounce in New York in yesterday's trade.

Moreover, increased buying by jewellers and retailers driven by the ongoing wedding season demand, supported the uptrend, they said.

In the national capital, gold of 99.9 and 99.5 percent purity surged by Rs 380 each to Rs 27,130 and Rs 26,980 per ten grams respectively, a level last seen on October 29 last year.

Sovereign also moved up by Rs 100 at Rs 22,500 per piece of eight grams.

Following gold, silver ready surged by Rs 760 to Rs 35,260 per kg and weekly-based delivery by Rs 925 to Rs 35,270 per kg.

On the other hand, silver coins spurted by Rs 2,000 to Rs 51,000 for buying and Rs 52,000 for selling of 100 pieces.