New Delhi: Extending its rally for the second day, gold surged by Rs 325 to trade at over three-month high of Rs 27,890 per 10 grams at the bullion market on May 14 amid a firming trend in global markets and wedding season demand. Silver also recorded a handsome gain of Rs 1,000 at Rs 39,500 per kg on increased offtake by industrial units and coin makers.
Marketmen said apart from a firming trend overseas where gold jumped to five-week high, increased buying by jewellers to meet ongoing wedding season demand, mainly kept prices of the precious metals higher. Globally, gold in New York, which normally determines price trend on the domestic front, was up by 1.85 per cent to USD 1,215.10 an ounce and silver by 3.70 per cent to USD 17.09 an ounce in Wednesday's trade.
Besides, shifting of funds from weakening equities to rising bullion supported the upside in prices, they said. In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed by Rs 325 each to Rs 27,890 and Rs 27,740 per 10 grams, respectively, a level last seen on February 10. It had gained Rs 315 on May 13.
The Sovereign gained Rs 100 at Rs 23,900 per piece of eight grams. Following gold, silver ready too maintained its upward journey and spurted by Rs 1,000 to Rs 39,500 per kg and weekly-based delivery by Rs 1,085 to Rs 39,450 per kg. On the other hand, silver coins ruled steady at Rs 57,000 for buying and Rs 58,000 form selling of 100 pieces.
