Gold prices rose by Rs 100 to Rs 17,050 per 10 gram in the bullion market here today on heavy demand from stockists and retailers in tandem with a firm trend overseas.

However, silver rates declined by Rs 250 to 26,050 per kg on reduced industrial offtake.

Gold rates increased by 0.1 per cent to 1,119.90 dollar an ounce in the London.

Following the trend, price of the precious metal also rose in the domestic market. Gold prices in the local market usually follow the pattern set by the overseas market. Also demand for the metal increased as local traders took to heavy buying for the coming marriage season.

Standard gold and ornaments rose by Rs 100 each to Rs 17,050 and Rs 16,900 per 10 gram respectively while sovereign remained steady at Rs 14,000 per piece of eight gram.

However, silver ready lacked sheen amid reduced offtake by industrial units and lost Rs 250 to Rs 26,050 per kg but weekly-based delivery spurted by Rs 765 to 26,560 per kg on speculative buying.

Silver coins also gained Rs 100 to Rs 33,300 for buying and Rs 33,400 for selling of 100 pieces.

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