Gold zooms to 3-week high; up Rs 610 on strong global cues

Gold prices zoomed to three weeks high by surging Rs 610 to Rs 27,325 per 10 grams in the national capital today on brisk buying by stockists and investors driven by strong cues from global markets.

The precious metal spurted to regain Rs 27,000 level after June 24 as it rose in global markets following Federal Reserve Chairman Ben S Bernanke backed sustained stimulus for the for some time.

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Gold in Singapore, which normally sets the price trend on the domestic front advanced 3.1 per cent to $1,298.73 an ounce.

With the general firming trend, silver jumped up by Rs 1,400 to Rs 41,750 per kg on increased offtake by industrial units and coin makers.

The dollar-price precious metals also received support as the American currency fell against the Euro and Japanese yen in global forex markets, boosting lure for the gold and silver as an alternate investment.

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On the domestic front, gold of 99.9 and 99.5 per cent purity shot up up by Rs 610 each to Rs 27,325 and Rs 27,125 per 10 grams, respectively. Sovereigns shot up by Rs 200 to Rs 24,200 per piece of eight grams.

Silver ready and weekly based delivery spurted by Rs 1,400 each to Rs 41,750 and Rs 41,700 per kg, respectively.

Silver coins too spurted by Rs 2000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.