Gold glitters on festive demand, up Rs 590

Gold regained its glitter to trade Rs 590 higher at Rs 27,550 per ten grams in the national capital today on the back of increased demand from jewellers and retailers, driven by ongoing festive and wedding season.

Silver also recorded a significant rise of Rs 550 to Rs 39,900 per kg on increased offtake by industrial units and coin makers.

Bullion traders attributed the rise in precious metal prices to emergence of buying by jewellers and retailers driven by ongoing "Navratras",  considered as an auspicious week for making new purchases according to Hindu mythology.

Gold has witnessed the biggest rise since June 20 this year when it had gained Rs 605 to Rs 28,625 per ten grams.

Besides, firming trend overseas as tensions in the Middle East boosted demand for protection of wealth coupled with weakening rupee that made import costlier, also buoyed sentiments, they said.

Globally, gold in Singapore, which normally determines price trend on the domestic front, rose by 0.6 per cent to USD 1,228.51 an ounce and silver by 0.8 per cent to USD 17.66 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity zoomed by Rs 590 each to Rs 27,550 and Rs 27,350 per ten gram respectively. Sovereign, however, held steady at Rs 24,200 per piece of eight gram. It had lost Rs 250 in yesterday's trade.

Also, silver ready spurted by Rs 550 to Rs 39,900 per kg and weekly-based delivery by Rs 685 to Rs 39,540 per kg. The white metal had lost Rs 650 in the previous session.

Silver coins, however, continued to be enquired at last level of Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.