Gold prices rallied by Rs 300 per 10 grams to resume at Rs 14,485 on the bullion market here today on heavy stockists buying following overnight rally in New York amidst weak trend in stock markets.
Silver prices advanced further on sustained industrial demand on the back of higher global advices.
Persistent local demand in view of marriage season and safe investment buying by investors mainly pushed up the gold prices, a dealer said.
Gold futures rose in New York as the stock markets and crude oil futures slumped amid investors cautious over the economy and first-quarter earnings of the Bank Of America, increasing the metal's appeal as a safe asset.
Gold for June delivery rose by $19.60 an ounce to $887.50 an ounce on the Comex Division of the New York Mercantile Exchange. Silver for May delivery moved up by 31.5 cents to $12.105 an ounce.
Turning to the domestic market, standard gold (99.5 purity) shot up by Rs 300 per 10 grams to Rs 14,485 from the yesterday's closing level of Rs 14,185.
Pure gold (99.9 purity) also rose to Rs 14,550 from Rs 14,255.
Silver ready (.999 fineness) hardened by Rs 155 per kilo to Rs 20,960 from Rs 20,805.
