Gold, silver post gains on 'Muhurat Day'

The bullion markets posted gains on Muhurat trading today. Gold rose by Rs 50 to Rs 16,070 here today as stockists started their new accounts in the special trading session.

Traders, who made token transactions on the first day of the Samvat year after performing puja, mainly supported the precious metal to end with gains.

Retailers too were purchasing today, on the occasion od Deepawali, considered to be an auspicious day for making new purchases, aided the uptrend amid reports of a firming-up trend in international markets.

Gold in the global markets gained $2.20 to $1,052.80 an ounce and silver added 0.08 cents to $17.42 an ounce.

Silver closed Rs 25 higher at Rs 26,925 per kg on increased offtake by industrial units and silver coin makers to meet the current festive season demand. People use silver for special prayers and as gifts.

Silver weekly-based delivery shot up by Rs 175 to Rs 26,900 per kg. Silver coins were up by Rs 100 at Rs 32,900 for buying and Rs 33,000 for selling of 100 pieces.