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Gold, silver scale higher on Diwali Muhurat trade
December New York gold rose USD 7, or 0.6 per cent, to settle at USD 1,290 an ounce. Meanwhile, December silver added 25.8 cents, or 1.5 per cent, to end at USD 17.255 an ounce.
Gold added to its sparkle as the price jumped Rs 76 per 10 grams in special "Diwali Muhurat' trading on Friday.
Increased buying activity driven by the ongoing festive seasonal demand amid firm overseas trend on the auspicious occasion of 'Diwali' and beginning of Hindu Samvat year 2074 supported gold prices, traders said.
In line with gold, silver rebounded on increased off-take by coin makers and other consuming industries. Standard gold (99.5 purity) rose up by Rs 76 to close at Rs 29,571 per 10 grams from Wednesday's closing level of Rs 29,495.
Pure gold (99.9 purity) also gained by a similar margin to end at Rs 29,721 per 10 grams as against Rs 29,645 previously. Silver (.999 fineness) climbed by Rs 381 per kg to close at Rs 39,811 as compared to Rs 39,430 earlier.
Globally, gold futures snapped a three-session skid on Thursday as political drama in the eurozone rattled investor confidence and the US dollar and equities declined, lifting investment demand for the haven asset.
December New York gold rose USD 7, or 0.6 per cent, to settle at USD 1,290 an ounce. Meanwhile, December silver added 25.8 cents, or 1.5 per cent, to end at USD 17.255 an ounce.
