Gold price gains Rs 200 to Rs 28,550 per 10 grams

New Delhi: Rising for the second straight day, gold prices firmed up by Rs 200 to Rs 28,550 per 10 grams Wednesday, driven by a firm global trend and increased buying by local jewellers.

Silver also regained the Rs 40,000-mark by surging Rs 650 to Rs 40,250 per kg, backed by increased off-take by industrial units and coin makers.

Traders said that apart from a firm trend overseas, persistent buying by local jewellers at the domestic spot market supported the upside.

Globally, gold prices rose 1 percent to a near 3-week high today as early gains in stocks and other assets perceived as risky gave up gains and investors fled to save-haven bullion.

Spot gold was up 0.6 percent at USD 1,159.06 an ounce, while US gold futures for February delivery ended the session up 0.9 percent at USD 1,162.

In the national capital, gold of 99.9 percent and 99.5 percent purity shot up by Rs 200 each to Rs 28,550 and Rs 28,400 per 10 grams, respectively. The precious metal had gained Rs 50 yesterday.

In a similar fashion, silver ready strengthened by Rs 650 to Rs 40,250 per kg and weekly-based delivery by Rs 680 to Rs 40,220 per kg.

With Agency Inputs