Gold prices surged by Rs 625 to Rs 31,750 per ten grams in the national capital today on weakening rupee amid stockists buying ahead of festive and marriage season.
On similar lines, silver spurted by Rs 1,745 to Rs 51,900 per kg on increased offtake by jewellers and coin makers.
Traders said free-fall in Indian rupee which tumbled to a historic low of 65.53 (intra-day) increased speculations that it would make precious metals import costlier.
Besides, a firming global trend and stockists buying for coming marriage and festival season further supported both the precious metals.
On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 625 each to Rs 31,750 and Rs 31,550 per 10 grams, respectively. Sovereigns followed suit and rose by Rs 200 to Rs 25,100 per piece of eight grams.
In a similar fashion, silver ready recorded a sharp gains of Rs 1,745 to Rs 51,900 per kg and weekly-based delivery by Rs 1,685 to Rs 51,540 per kg. Silver coins also spurted by Rs 3,000 to Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.