Gold Rises by Rs 315 on Jewellers Buying, Global Cues

New Delhi: Gold regained its sheen on Wednesday by soaring Rs 315 to Rs 27,565 per 10 grams at the bullion market, tracking a firm global trend along with jewellers buying to meet wedding season demand.

Silver also shot up by Rs 700 to Rs 38,500 per kg on increased offtake by industrial units and coin makers.

Bullion traders attributed the sharp rise in gold prices to a firm global trend where the precious metal held the biggest climb in a week as a weaker dollar and declining equity markets boosted the metal's appeal as an alternative asset.

Besides, increased buying by jewellers to meet wedding season demand supported the upside in the precious metals, they said.

Gold in Singapore, which normally sets price trend on the domestic front, traded at $1,194.04 an ounce from $1,193.94 on Tuesday. Silver also added 0.3 per cent to $16.59 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity flared up by Rs 315 each to Rs 27,565 and Rs 27,415 per 10 grams, respectively - a level last seen on February 14.

In line with overall trends, sovereign also went up by Rs 100 to Rs 23,800 per piece of 8 grams.

Following gold, silver ready surged by Rs 700 to Rs 38,500 per kg and weekly-based delivery by Rs 625 to Rs 38,365 per kg.

Silver coins also rose by Rs 1,000 to Rs 57,000 for buying and Rs 58,000 for selling of 100 pieces.