Gold Rises by 130 to Rs 27,470 on Festive Buying, Weak Rupee

New Delhi: Continuing its rising streak for the third day, gold prices advanced by Rs 130 to Rs 27,470 per 10 grams in the national capital on Wednesday on the back of increased buying by jewellers and retailers amid ongoing festive season even as the metal weakened overseas.

Silver, however, met with resistance and dropped by Rs 1,050 to Rs 38,650 per kg on reduced offtake by industrial units and coin makers.

Marketmen said steady inflow of buying by jewellers and retailers, triggered by ongoing festive season and a weakening rupee against the dollar that made imports costlier, mainly influenced gold prices.

In Delhi, gold of 99.9 and 99.5 per cent purity rose by Rs 130 each to Rs 27,470 and Rs 27,270 per 10 grams respectively. It had gained Rs 110 in last two days.

Globally, gold fell 0.24 per cent to $1205.80 an ounce in London.

Sovereign, however, held steady at Rs 24,200 per piece of 8 grams in limited deals.

On the other hand, silver ready plunged by Rs 1,050 to Rs 38,650 per kg and weekly-based delivery by Rs 1,025 to Rs 38,170 per kg. It had gained Rs 165 in last two sessions.

Silver coins, however, plummeted by Rs 2,000 to Rs 68,000 for buying and Rs 79,000 for selling of 100 pieces.