Gold resumes sharply higher by Rs 240 per ten

Gold prices resumed sharply higher by Rs 240 per ten grams to Rs 15,410 on the bullion market here on Friday, 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 USD 21.10 an ounce to USD 927.80 an ounce on the Comex Division of the New York mercantile exchange.

March silver also rose to USD 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 Thursday's closing level of Rs 15,170.

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

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