Sovereign gold, however, held steady at Rs 26,800 per eight gram.

Gold prices on Wednesday increased by Rs 260 to 34,380 per 10 gram at the bullion market in the national capital, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. The rise in gold prices were supported by firm global trend on the back of safe haven buying of the yellow metal by investors and increased demand from local jewelers, traders were quoted as saying in the PTI report. Silver ready prices also advanced by Rs 150 to Rs 38,650 per kg.

Here are 5 things to know about gold prices, silver rates today:

1. In the national capital, gold of 99.9 per cent and 99.5 per cent purity gained Rs 260 each to Rs 34,380 and Rs 34,210 per 10 gram, respectively.

2. Sovereign gold, however, held steady at Rs 26,800 per eight gram.

3. Globally, gold was trading higher at $1,425.95 an ounce, while silver was up at $15.31 an ounce in New York.

4. According to Tapan Patel, HDFC Securities Senior Analyst (Commodities), gold prices rallied on safe haven buying with investors sighting economic growth concerns. "The US 10-year bond yields fell to 2-year lows supporting gold buying. The trade war jitters on fresh threat of tariffs on $4 billion EU goods, expectations of rate cut for the US Federal Reserve and signs of monetary easing from central banks is favouring medium term bullish trend in gold prices," he said.

5. Silver rates rose by Rs 150 to Rs 38,650 per kg on more offtake by industrial units in the national capital. The weekly-based delivery jumped Rs 349 to Rs 37,348 per kg. Price of silver coins were held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.