Domestic gold prices edged past Rs. 29,000 mark after nearly four months tracking firm global trend. Gold prices rose by Rs. 755 to Rs.29,200 per 10 grams in the national capital. The sharp fall in the rupee, which traded near record low, also helped gold prices on Wednesday.
Sentiment in the precious metal was bolstered ahead of a Federal Reserve meeting that may signal a roadmap to taper down its stimulus program.
Gold in Singapore, which normally sets the price trend on the domestic front, rose by one per cent to $1,339.74 an ounce and silver by 1.4 per cent to USD 20.01 an ounce.
Gold of 99.9 and 99.5 per cent purity spurted by Rs. 755 each to Rs.29,200 and Rs. 29,000 per 10 grams, respectively, a level last seen on April 12. However, sovereigns held steady at Rs. 24,400 per piece of eight grams in scattered deals.
Silver ready jumped up by Rs. 915 to Rs. 42,260 per kg and weekly-based delivery by Rs. 42,160 per kg respectively. Silver coins also sky-rocketed by Rs. 1000 to Rs. 81,000 for buying and Rs. 82,000 for selling of 100 pieces.