After four day's continuous fall, precious metal Gold finally settled the day at Rs 12,030 on bullion market, higher by Rs 500 per ten grams, on fresh festival demand. In addition, Silver also recovered on renewed industrial demand.  

According to market experts, Gold finished higher in global market as safe-haven buying emerged on fears that global stocks markets were heading into a free fall.  

While, Mohan Singh, a New Delhi-based jeweler thinks that in today's session some of the investors might have shifted their funds into bullion market from weak stock markets, which led to current price surge.

In the local market, standard gold (99.5 purity) increased 500/ per 10g to Rs 12,030 from the yesterday's closing Rs 11,530 while Pure gold (99.9 purity) rose to Rs 12,100 from Rs 11,600 previously.  

Silver ready (.999 fineness) jumped by Rs 190/Kg to finish the day at Rs 17,490 from Rs 17,300.

Today, many consumers are seen buying gold in the market due to Dhanteras, which is considered an "auspicious" day for buying precious metals. The festival will be celebrated on 26th October 2008 (Sunday).