New Delhi, January 16 Extending its upward trend for third straight day, gold prices Wednesday gained Rs 65 to Rs 33,190 per 10 gram at the bullion market here due to increased demand from jewellers, according to the All India Sarafa Association. Silver too followed the trend and surged by Rs 300 to Rs 40,500 per kg driven by significant increase in demand from industrial units and coin makers.

Traders said, gold prices witnessed an uptick, as investors bet on this asset class as a safe haven, owing to depreciation in the rupee vis-a-vis the US dollar. Besides, a firm trend overseas supported the gain in the prices of yellow metal, they added. In the last two days, gold prices went up by Rs 250. Globally, gold traded higher at USD 1,292.03 an ounce and silver stood at USD 15.60 an ounce in New York. Gold Prices Rise on Festive Demand, Rate Touches Rs 32,650 Per 10 Gram.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities advanced by Rs 65 each to Rs 33,190 and Rs 33,040 per 10 gram, respectively. However, sovereign gold held steady at Rs 25,400 per piece of eight grams. Silver ready gained Rs 300 to Rs 40,200 per kg, while weekly-based delivery declined by Rs 88 to Rs 39,833 per kg. Silver coins, however, held flat at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.