Gold price soars by Rs 840 in biggest single-day gain

Posting this year’s biggest single-day rise of Rs 840, gold on Tuesday regained the Rs 27,000 per ten gram level after a gap of over one month in the national capital, tracking rebounds in global markets. In addition, pick-up in domestic demand from jewellers and retailers for the wedding season also buoyed sentiment. After losing Rs 730 in last six sessions after the RBI eased imports curbs by scrapping 80:20 scheme, gold staged a strong comeback by rising Rs 840 to close at Rs 27,040 per ten grams, a level last seen on October 30. Silver also recorded a significant gain of Rs 2,700 to Rs 37,000 per kg on increased offtake by industrial units and coin makers. Sentiment bolstered after gold surged by 3.69 per cent, its biggest gain since September 19, to $ 1,218.10 an ounce in New York.