Gold price surges by Rs 110 to Rs 28,890 per 10 grams

New Delhi: Gold prices surged by Rs 110 to Rs 28,890 per 10 grams Tuesday, riding largely on a firm trend overseas, along with increased buying by local jewellers.

Silver also advanced by Rs 700 to Rs 37,900 per kg backed by increased offtake by industrial units and coin makers.

Traders said that besides a firm global trend as a drop in equities drove safe-haven buying and the US dollar retreated, increased buying by local jewellers at the domestic market gave gold prices some shine.

Globally, gold rose 0.15 percent to USD 1,219 an ounce in Singapore.

Silver too gained 0.35 percent to USD 15.89 an ounce.

In the national capital, gold of 99.9 percent and 99.5 percent purity climbed by Rs 110 each to Rs 28,890 and Rs 28,740 per 10 grams, respectively.

Sovereign also traded higher by Rs 100 to Rs 24,400 per piece of eight grams.

Following gold, silver ready spurted further by Rs 700 to Rs 37,900 per kg, and weekly-based delivery by Rs 590 to Rs 36,840 per kg.

Silver coins too flared up by Rs 1,000 to Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.