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Clocking their biggest single-day gain this year, gold prices on Saturday soared by Rs 715, or 2.74 per cent, to Rs 26,850 per 10g in the Delhi market on a pick-up in wedding season demand coupled with strong global cues.
In addition, a depreciating rupee against the dollar, which makes imports of the precious metal costlier, also influenced the sentiment. The rupee closed at a nearly one-month low of 61.72 against the greenback on Friday.
Silver also recorded a massive gain of Rs 2,100 to Rs 36,700 a kg on increased off-take by industrial units and coin makers. Sentiment bolstered after gold surged by over $40 to a two-week high of $1,193.34 an ounce in New York on Friday, the highest since October 31. Weakening of the dollar also raised demand of gold as a safe-haven and an alternative investment, bullion traders said.
Besides, rising domestic demand from jewellers and retailers for the ongoing wedding season too influenced precious metal prices, they said.
In Delhi, gold of 99.9 and 99.5 per cent purity zoomed up by Rs 715 each to Rs 26,850 and Rs 26,650 per 10 g, respectively. It had lost Rs 315 in the past two days.
Sovereign moved up by Rs 200 to Rs 23,800 per piece of eight gm.
Following gold, silver ready spurted by Rs 2,100 to Rs 36,700 a kg and weekly-based delivery by Rs 2,031 to Rs 36,030 a kg.
Silver coins flared up by Rs 3,000 to Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces.
