Gold prices soared by Rs 250 to Rs 30,900 per ten grams at the bullion market today, propelled by positive global cues amid increased buying by jewellers at the domestic spot market.
Silver also spurted by Rs 1,550 to Rs 47,750 per kg on increased offtake by industrial units and coin makers.
Bullion traders said a firming trend overseas after the US Federal Reserve indicated it would take a slow, measured approach to any interest rate hikes amid weakening dollar, raised the demand for the precious metals as a safe-haven, mainly attributed strong rally in gold and silver prices.
Globally, gold rose 1.52 per cent to USD 1,339.70 an ounce and silver by 3.75 per cent to USD 20.32 an ounce in New York yesterday.
In the national capital, gold of 99.9 and 99.5 per cent purity rebounded by Rs 250 each to Rs 30,900 and Rs 30,750 per ten grams respectively. It had lost Rs 140 yesterday.
Sovereign climbed by Rs 300 to Rs 24,100 per piece of eight grams on scarcity of stocks.
In line with overall trend, silver ready surged by Rs 1,550 to Rs 47,750 per kg and weekly-based delivery by Rs 1,665 to Rs 47,880 per kg.
Silver coins too flared up by Rs 2,000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.