New Delhi: Gold prices surged by Rs 200 to Rs 29,550 per 10 grams at the bullion market Wednesday, taking positive leads from global markets amid increased buying by local jewellers.
Silver also reclaimed the Rs 39,000-mark by surging Rs 1,130 to Rs 39,500 per kg on increased offtake by industrial units and coin makers.
Traders attributed the sharp rise in gold prices to a firm trend overseas amid rising tensions between the US and North Korea, raising the demand for the precious metals as a safe-haven.
Globally, gold strengthened to USD 1,267.70 an ounce and silver by 1.03 percent to USD 16.61 an ounce in Singapore.
Increased buying by local jewellers to meet retailers' demand at domestic spot markets also supported the upmove in gold, they said.
In the national capital, gold of 99.9 percent and 99.5 percent purity climbed by Rs 200 each to Rs 29,550 and Rs 29,400 per ten grams, respectively.
Sovereign, however, remained flat at Rs 24,500 per piece of eight grams.
Tracking gold, silver ready spurted by Rs 1,130 to Rs 39,500 per kg and weekly-based delivery by Rs 585 to Rs 37,795 per kg.
On the other hand, silver coins maintained a steady trend at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.
