New Delhi: Gold prices rallied for the fourth consecutive day by adding Rs 220 to Rs 29,440 per 10 grams in the bullion market here on Wednesday on seasonal demand amid a firming global trend.

Silver also moved up by Rs 150 to Rs 55,900 per kg on emergence of buying by jewellers and industrial units at prevailing lower levels.

Traders said buying by investors as the weakening equity and forex markets left no other option for them but to park their funds in bullion also influence the sentiment.

In Singapore, gold rose 0.7 per cent to USD 1,727.50 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity added Rs 220 each to Rs 29,440 and Rs 29,300 per 10 grams, respectively. The metal has gained Rs 330 in the last three sessions.

Sovereign also rose by Rs 50 to Rs 23,350 per piece of eight grams.

Similarly, silver ready recovered by Rs 150 to Rs 55,900 per kg, after losing Rs 150 in the previous session.

However, silver weekly-based delivery fell by Rs 145 to Rs 54,900 per kg on lack of support from speculators.

Silver coins rose by Rs 1,000 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces on marriage season demand.