Agencies

Mumbai, Oct 29: Gold prices shone smartly to end higher by Rs 245 on the first day of samvat year 2065 following fresh demand from investors in the festive season of Diwali amid positive global cues.

Silver, too, 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 at an expected US interest rate cut and economic data for future direction.

Gold was trading at US$745 an ounce, up US$15.40 an ounce from New York's national close on Monday, while 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 US$3.90 an ounce to US$746.80. In the local market, standard gold (99.5 purity) rose by Rs 245 per 10 gm to Rs 12,100 from Monday’s closing level of Rs 11,855. Pure gold (99.9 purity) also shot up by Rs 235 per 10 gm to Rs 12,160 from Rs 11,925.

Silver ready (.999 fineness) moved up by Rs 95 per kilo to Rs 17,370 from Rs 17,275. As compared to the beginning of samvat 2064, standard gold (99.5 purity) shot up by Rs 1,475 or 13.88% per 10 gm to Rs 12,100 from Rs 10,625. Pure gold (99.9 purity) also rose by Rs 1,490 or 13.96% per 10 gm to Rs 12,160 from Rs 10,670. Silver ready dropped by Rs 2,855 or 14.12% per kilo to Rs 17,370 from Rs 20,225.