Gold reclaims Rs 27,000-level on global cues, seasonal demand

Gold prices surged by Rs 150 to close at over three-week high of Rs 27,100 per 10 grams at the bullion market on Friday on a firming global trend and sustained buying by jewellers to meet seasonal demand.

On the other hand, silver witnessed selling at higher levels and declined by Rs 200 to Rs 38,550 per kg.

Bullion traders said apart from sustained festive season buying by jewellers, a firming trend in global markets as geo-political tension in West Asia boosted demand for the precious metal as a safe-haven, helped gold to trade above the Rs 27,000-mark.

Globally, gold rose by 0.75 per cent to $1,204.10 an ounce and silver gained 0.86 per cent to $17.10 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent purity advanced by Rs 150 to trade over three-week high at Rs 27,100 per 10 grams, a level last seen on March 4.

Similarly, gold of 99.5 per cent purity gained Rs 100 to Rs 26,900 per 10 grams.

Sovereign, however, held steady at Rs 23,700 per piece of eight grams in limited deals.

On the other hand, silver ready eased by Rs 200 to Rs 38,550 per kg and weekly-based delivery by Rs 250 to Rs 38,320 per kg.

Silver coins, however, traded at last level of Rs 57,000 for buying and Rs 58,000 for selling of 100 pieces on restricted buying at existing levels.