New Delhi: Rising for the second straight day, gold surged by Rs 280 to trade at Rs 27,080 per 10 grams at the gold market on Saturday.
Besides, increased buying by jewelers to meet wedding season demand helped the precious metal reclaim the psychologically important Rs 27,000 mark.
Silver also advanced by Rs 150 at Rs 36,900 per kg on increased off take by industrial units and coin makers. Bullion traders said besides a firming trend overseas, increased buying by jewelers mainly led to the rise in gold prices.
Gold in New York, which normally sets price trend on the domestic front, shot up 1.16 per cent to $1,207.30 an ounce and silver 2.07 per cent to $16.49 an ounce in Friday's trade.
In the national capital, gold of 99.9 and 99.5 per cent purity rose by Rs 280 each to Rs 27,080 and Rs 26,930 per 10 grams, respectively. It had gained Rs 50 on Friday.
However, sovereign remained flat at Rs 23,700 per piece of 8 grams in scattered deals.
In a similar fashion, silver ready rose further by Rs 150 at Rs 36,900 per kg and weekly-based delivery by Rs 310 at Rs 36,710 per kg.
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