MUMBAI: Gold prices bounced back on the bullion market here today on fresh stockists buying in view of fast approaching "Diwali" festival.
Weak equity markets prompted investors to buy gold as a safe investment. Higher global advices also boosted the market sentiment.
Gold prices climbed more than one per cent in Europe with stock market losses prompting investors to buy bullion as a haven from risk.
Spot gold rose to USD 845.20/848.20 an ounce from USD 835.25 in late New York on Tuesday. Earlier it touched a session high of USD 848.30. Gold was pressured by a softening in the oil price, with crude dipping around a dollar at its lower point on expectations economic weakness will further cut fuel demand.
In the domestic market, standard gold (99.5 purity) rose by Rs 95 per ten grams to Rs 13,225 from Rs 13,130 previously and pure gold (99.9 purity) also jumped by Rs 90 per ten grams to Rs 13,285 from Rs 13,195 yesterday.
Silver ready (.999 fineness) moved up further by Rs 30 per kilo to Rs 19,285 from Rs 19,255.
