Mumbai: Gold prices shone smartly to end higher by Rs245 on the very first day of Samvat year 2065 following fresh demand from investors on the festive season of Diwali amid positive global cues.
Silver also recovered moderately on renewed demand.
Gold jumped by 2% in Singapore after gains in the equity markets and rebounding oil spurred buying from investors, who were looking next to an expected US interest rate cut and economic data for future direction.
Gold was trading at $745 an ounce, up $15.40 an ounce from New York’s national close on Monday, while a sustained weakness in global equity markets also compelled retailers to go on investing in the safe haven metal.
Gold futures prices rose in New York by $3.90 an ounce to $746.80.
In the local market, standard gold (99.5 purity) rose by Rs245 per 10 grams to Rs12,100 from Monday’s closing level of Rs11,855. Pure gold (99.9 purity) also shot up by Rs235 per 10 grams to Rs12,160 from Rs11,925. Silver ready (.999 fineness) also moved up by Rs95 per kilo to Rs17,370 from Rs17,275.
As compared to the beginning of Samvat 2064, Standard gold (99.5 purity) shot up by 1,475 or 13.88% per 10 grams to Rs12,100 from Rs 10,625.
Pure gold (99.9 purity) also spurted by Rs1,490 or 13.96% per 10 grams to Rs12,160 from Rs10,670.
However, contrary to the yellow metal, silver ready (.999 fineness) dropped by Rs2,855 or 14.12%per kilo to Rs17,370 from Rs20,225.