New Delhi, Aug 21 (IANS): With the wedding and festive season fast approaching, the days of cheaper gold prices seems to be over as the precious metal climbed back to Rs.27,000 mark on Friday.

After registering a decline recently, prices shot up by Rs.480 to touch Rs.27,180 at the bullion market. Silver also picked up well and rose by Rs.200 to touch Rs.36,500 per kg due to increased demand from industrial units and coin makers.

In New Delhi, gold of 99.9 percent and 99.5 percent purity went up by Rs.480 to touch Rs. 27,180 and Rs.27,030 mark respectively.

Bullion dealers said the import of gold and silver had become costlier with the rupee depreciating to a 2-year-low. Furthermore, increased demand in golden jewellery across the country was noticed in the period during which prices of gold remained low.

This resulted in jewellers buying gold significantly to meet the increased demand.

Silver coins have spurted by Rs.1,000 to Rs.52,000 for buying and Rs.53,000 for selling of 100 pieces.