Gold prices zoomed by Rs 200 per 10 gram on the bullion market on Wednesday amid reports of a steep rise in its prices in overseas markets as crude oil surged to record high. Silver also moved up by over Rs 500. The yellow metal, which closed with loses on November 21, bounced by Rs 200 to Rs 10,300 per 10 gram. The rise was further boosted by heavy buying by jewellery fabricators to meet current heavy marriage demand.
Gold gained in the overseas markets from $793 dollar to $804 an ounce following a steep rise in crude oil prices which surged over $99-100 a barrel and Japanese currency rising to record against dollar. The dollar-denominated precious metals normally take cues from the global markets. Marketmen said the gold and silver remained bullish as several factors like rise in crude prices and yen appreciation and current marriage season.They said a major plunge in equity markets also pushed funds toward bullion markets to quick profits. Standard gold and ornaments rose by Rs 200 each at Rs 10,300 and Rs 10,150 per ten gram respectively. Sovereign was higher by Rs 50 at Rs 8550 per piece of eight gram. Silver ready spurted by Rs 525 at Rs 19,225 per kg and weekly-based delivery by Rs 565 at Rs 19,300 per kg. Silver coins also gained Rs 100 at Rs 24,900 for buying and Rs 25,000 for selling of 100 peices.
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