Gold prices gained further ground in the national capital today on sustained buying by stockists in line with a better trend in the international markets, apart from a moderate support from retailers.
Trading sentiments firmed up on reports that the yellow metal in overseas markets surged last evening for the first time in four days, as weaker dollar and higher oil prices increased its appeal as an alternative to investment in the US currency, to hedge against inflation.
Gold climbed 21 dollars, or 2.8 per cent, to 777.45 dollar an ounce in London yesterday. A close at that price would have marked the biggest daily gain in two weeks.
However, the dollar fell against euro and pound, while global stock markets rallied, as US President-elect Barack Obama pledged the biggest public works programme in about 50 years.
A similar strength was extended to silver after its prices in London rose 2.5 per cent to 9.77 dollar an ounce. The twin precious metals normally move in tandem with the global trend.
Standard gold and ornaments rose by Rs 90 at Rs 12,520 and Rs 12,380 per 10 gram, respectively. Sovereign rose by Rs 50 at Rs 10,450 per piece of eight gram. The gold had gained Rs 80 in previous day's trading.
Silver ready shot up by Rs 250 at Rs 16,900 per kg and weekly-based delivery by Rs 300 at Rs 17,050 per kg. Silver coins rose by Rs 100 at Rs 26,500 for buying and Rs 26,600 for selling of 100 pieces.
