Gold prices rallied by Rs 220 per ten grams to resume at Rs 14,275 on the bullion market in Mumbai on Wednesday on hectic stockists buying triggered by higher New York advices.

Gold futures closed above $900 an ounce in New York on Tuesday as stocks and crude oil prices fell and investors, casting doubts on the new financial rescue plan unveiled by the Treasury Department, bought the metal as a safe-haven play against economic troubles.

Gold for February delivery ended up by $21.30 to $913.70 an ounce on the Comex Division of the New York Mercantile Exchange. March contract rose to end at $914.20.

In the domestic market, standard gold (99.5 purity) rose by Rs 220 per ten grams to Rs 14,275 from the yesterday's closing level of Rs 14,055.

Pure gold (99.9 purity) also shot up to Rs 14,340 from Rs 14,115.

Silver ready (.999 fineness) jumped to Rs 20,705 from Rs 20,460.