Tracking strong global cues gold prices today rose by Rs 520 to close at Rs 13,400 per ten gram in the bullion market here on festive buying and melting stock markets attracting investors looking for safe haven.

 
Standard gold shot up by Rs 520 at Rs 13,400 and Rs 13,250 per 10 gram respectively. Sovereign also rose by Rs 100 at Rs 10,600 on emergence of buying for festivals.

 
Marketmen said the festival buying was limited while purchases by general investors picked up sharply and the metal recovered most of the losses in the last 7 days of 'Navratras'.

 
There was negligble demand for gold, as it remained weak in last few sessions on reduced offtake, they saidm and added that today's surge brought back the metal to a level seen on the first 'Navratras', on October 30.

 
The upsurge was partly supported by a firming trend in international bullion markets on similar ground as global stock markets led by the US, nearly crashed on panic selling.

 
Firming US currency was another boosting factor for the dollar-priced precious metals. In London, gold advanced for a second day, buoyed by demand for the metal as a haven as equities continued to slide.