Gold rises by Rs 240 per ten grams

Gold prices resumed sharply higher by Rs 240 per ten grams to Rs 15,410 on the bullion market here today as investors used the precious metal as a hedge in view of the falling equity markets.

Higher advices from global markets also boosted the prices of precious metals.

Gold futures rose overnight in New York as crude oil and US stock prices fell, increasing the metal's investment appeal.

Gold for April delivery finished higher by $21.10 an ounce to $927.80 an ounce on the Comex Division of the New York Mercantile Exchange (Nymex).

March silver also rose to $13.105 an ounce.

The BSE benchmark Sensex dropped by yet another 150 points in the early trade.

Turning to the local market, standard gold (99.5 purity) rose by Rs 240 per ten grams to Rs 15,410 from the yesterday's closing level of Rs 15,170.

Pure gold (99.9 purity) also hardened to Rs 15,470 from Rs 15,240 yesterday.

Silver ready (.999 fineness) also shot up by Rs 150 per kilo to Rs 22,565 from Rs 22,415.