Gold prices on Wednesday soared by Rs 650 to Rs 27,470 per ten gram in the bullion market in the national capital on strong seasonal demand and firm trends in overseas markets.
A fall in rupee value against the US dollar and increased buying by jewellers and retailers amid ongoing wedding season lifted prices of gold, bullion traders said.
A cheaper rupee makes gold imports costlier. The rupee was trading weak at 62.05 against the US dollar at the Interbank Foreign Exchange (Forex) market.
The precious metal's prices surged over US $28 to a six-week high of US $1,238.32 an ounce in New York on Tuesday as weakening of the Greenback and retreat in global stock markets raised demand for gold as an alternative investment.
On similar lines, silver prices also rose sharply by Rs 1,600 to Rs 38,400 per kg on increased off-take by industrial units and coin makers.
Silver prices climbed up by 5.2 per cent to US $17.12 an ounce in New York on Tuesday.
In the national capital, gold of 99.9 and 99.5 per cent purity zoomed up by Rs 650 each to Rs 27,470 and Rs 27,270 per ten grams respectively. It had gained Rs 170 on Tuesday.
Sovereign traded Rs 100 higher at Rs 23,800 per piece of eight gram.
Following gold, silver ready spurted by Rs 1,600 to Rs 38,400 per kg and weekly-based delivery by Rs 1,815 to Rs 38,615 per kg. Silver coins shot up by Rs 1,000 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.
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