 "Gold opens 3% up on Friday on global cues")
Gold opened Rs 800 per 10 gms, or 3%, higher on Friday following a sharp price increase in overseas markets Thursday. The jump is one of the highest overnight surges in recent months.
In Mumbai's leading bullion market Zaveri Bazaar, standard gold opened at Rs 27,300 per 10 gms early Friday, pushing physical buyers on "wait and watch" mode. It had closed on Thursday at Rs 26,620 per 10 gms.
Silver also firmed up to trade at Rs 37,050 a kg, a rise of Rs 1,050 from its previous close of Rs 36,000 a kg.
Concerns over Chinese yuan devaluation followed by US Fed's indications on delay in interest rate rise, which was previously expected to happen in September, have added momentum to bullion prices.
Gold price jumped by $42 an oz to hit $1162 an oz in London on Thursday before settling at $1155 an oz on profit booking.