MUMBAI: Gold prices rose to Rs 12,370 per 10 gram in the bullion market here on Wednesday, mostly on global trends and aggressive buying by stockists.
Silver too was boosted by Rs 500 to Rs 23,100 per kg as jewelers and industrial units remained aggressive buyers.
The yellow metal traded notably higher by 0.3 per cent to $941.95 an ounce, the highest since March 20.Gold rose the most in three weeks as a disappointing US consumer confidence report eroded the dollar's value and boosted the appeal of the gold.
Analysts said a steep rise in global markets mainly pushed up the prices even as the physical demand was negligible.
Standard gold and ornaments shot up by Rs 190 each to Rs 12,370 and Rs 12,220 per 10 gram respectively. Sovereign held unchanged at Rs 9,925 per piece of eight gram.
Silver ready spurted by Rs 500 to Rs 23,100 per kg and weekly based delivery by Rs 690 t o Rs 23,250 per kg. Silver coins, on the other hand, remained unaltered at Rs 26,600 for buying and Rs 26,700 for selling of 100 pieces.