Gold prices surge beyond 27,000 mark

Gold prices surged to cross the Rs.27,000 mark, the highest since two months, on Wednesday, reports say. The rise was prompted by the increased demand from jewelers and stockists.

Standard gold (99.5 purity) rose by Rs 160 to Rs 27,045 per 10 grams, rising from overnight level of Rs 26,885, reports say. Price of pure gold (99.9 purity) increased to Rs 27,195 per 10 grams from Rs 27,035.

In the global markets, gold put a break on its two session rally following fresh bout of profit-taking ahead of key US growth data and much-awaited Fed meet outcome, reports add. Spot gold fell to USD 1,210 an ounce in early European trade.

On Wednesday, Silver prices (.999 fineness) in the domestic market increased rose by Rs 245 to stand at Rs. 37,925 per kilo rising from a previous day’s level of Rs 37,680, reports say.