The first refuge of all those who wish to put their ill-gotten gains to good use remains gold, and this was proved once more on Tuesday. Jewellery stores in certain localities remained open beyond midnight, allowing large cash transactions.

Shortly after the PM's announcement on demonetization, clients approached goldsmiths across South Mumbai, Malad, Kandivli, Borivli, Ghatkopar and Mulund, as well as Kharghar and Panvel in Navi Mumbai, to buy large quantities of gold, albeit at a premium. The going rate was Rs 37,000-38,000 per 10gm, although the official price was Rs 30,000-odd. Reportedly , business in Malad's Natraj Market lasted well into the night with gold rates shooting up to Rs 48,000 per 10gm for a brief period.