Gold Rises by Rs 150 to Rs 28,500 on Safe-haven Bids

Gold prices today rose further by Rs 150 to Rs 28,500 per ten gram in the national capital, tracking robust international markets as investors took shelter in precious metal on fears that Ukraine crisis would deepen.

Silver also gained by Rs 500 to Rs 45,500 per kg on increased offtake by industrial units and coin makers.

Bullion merchants said gold prices soared globally as investors resorted to the precious metal, anticipating further turmoil in Ukraine after the downing of a Malaysian Airlines plane yesterday.

They further said that increased buying by jewelers and retailers to meet rising demand also boosted sentiment.

Gold in New York, which normally sets price trend on the domestic front, rose by 1.42 per cent to $1,318.20 an ounce and silver by 1.76 per cent to $21.16 an ounce in yesterday's trade.

In Delhi, gold of 99.9 and 99.5 per cent purity advanced by Rs 150 each to Rs 28,500 and Rs 28,300 per ten grams respectively. It had gained Rs 175 yesterday.

Sovereign followed suit and moved up by Rs 100 to Rs 24,900 per piece of eight gram. In a similar fashion, silver ready rose further by Rs 500 to Rs 45,500 per kg and weekly-based delivery by Rs 405 to Rs 45,340 per kg. The white metal had gained Rs 150 in the previous session.

Silver coins, however, held steady at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.