Traders said sustained buying by stockists and retailers for the marriage season amid a firm global trend where gold rallied on signs of increasing demand as holdings in the biggest exchange-traded product expanded the most since 2011, mainly bolstered the sentiment.
Remittances are estimated to exceed $600 billion in 2015.
A sharp fall in Sensex and rupee against dollar and strong global cues also contributed to the upsurge in gold price, which posted the biggest single-day gain after August 19, 2011. Interestingly, the metal had shot up by Rs 1,310 on August 19, 2011 as well.
Goods and services provided without any consideration are out of ambit of Consumer Protection Act; investors, too, cannot approach a forum. Tinesh Bhasin reports
The former Intelligence Bureau director added that no one should jump to conclusions before the process of talks with various stakeholders in Kashmir began.
This is to counter allegations by the Opposition that the BJP had tipped off some of its own leaders about note ban.
Silver snapped its two-day losing trend and recovered by Rs 310 to Rs 44,310 per kg on increased offtake by industrial units and coin makers.
RBI governor Raghuram Rajan, on Monday, said the current level of the rupee is "pretty reasonable" and any attempt to devalue it may lead to a surge in inflationary pressures and "offset any benefits"
Sentiment turned bearish after gold fell in overseas markets to a lowest level in three-week on speculation that the Federal Reserve will start to reduce bond purchases by the end of the year as the US economy improves, traders said. Gold in Singapore, which normally set price trend on the domestic front, fell by 0.8 per cent to 1,273.55 dollar an ounce, the lowest since July 17 and silver by 0.8 per cent to 19.37 dollar an ounce.
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