New Delhi: Gold prices rose sharply by Rs 950 per 10 gram, the second biggest one-day gain, to regain the Rs 28,000 level here on Saturday on heavy buying, driven by a recovery move in global markets.
Snapping its three-day losing streak, gold prices jumped by Rs 950 to Rs 28,090 per ten gram. This is the second biggest single-day gain after August 19 when gold prices had skyrocketed by Rs 1,310 per 10 gram here.
Silver also staged a strong come back by rising Rs 2,100 to Rs 64,600 per kg. Silver had lost Rs 3,800 while gold had declined by Rs 1,400 in the previous three trading sessions.
Trading sentiment on the domestic market bolstered as gold shot up in New York after Federal Reserve Chairman offered no plan to provide further stimulus for the US economy.
Gold in global markets, which normally set price trend on the domestic front, recorded handsome gains of 57.80 dollar to 1829.10 dollar an ounce. Silver rose by 0.92 per cent to Rs 41.50 dollar an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity jumped by Rs 950 each to Rs 28,090 and Rs 27,940 per ten grams respectively. Sovereign rose by Rs 200 to Rs 22,400 per piece of eight gram.
Silver ready surged by Rs 2100 to Rs 64,600 per kg and weekly-based delivery by Rs 1,810 to Rs 63,900 per kg. Silver coins sky-rocketed by Rs 4,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.