Silver, however, remained weak and fell by Rs 130 to Rs 39,600 per kg due to slackened demand from industrial units.
The markets are in bubble territory.
Lasalgaon, Pimpalgaon mandis halt auctions to arrest the decline.
Silver also eased by Rs 100 to Rs 39,400 per kg.
Silver also rose sharply by Rs 640 to Rs 35,700 per kg.
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Markets ended flat on Tuesday, amid a volatile trading session, as investors exercised caution ahead of the two-day FOMC meet starting today and Reserve Bank of India's monetary policy later this week.
If there were an Olympics for bank frauds in India, Rishi Agarwal, founder and former chairman of ABG Shipyard Ltd, a nephew of the Ruia brothers of the Essar group, would bag the gold, pushing Nirav Modi to his right, says Tamal Bandyopadhyay.
With the stock markets scaling new heights, Finance Minister P Chidambaram on Friday sounded a note of caution and asked investors to guard against excessive exuberance.
While gold fell by Rs 400 to Rs 28,000 per 10 grams, silver plunged by Rs 1,500 to Rs 43,100 per kg on poor offtake.
Mukesh Ambani-controlled Reliance companies' market cap now exceeds $100 billion (as also Arcelor Mittal's). The new generation winners operate in a myriad sectors, including telecom, commodities such as steel and cement.
US sanctions against Iran kick in from November 4, which will block payment routes. Sources said India and Iran are discussing reverting to rupee trade after November 4.
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In line with overall trends, silver ready traded lower by Rs 350 to Rs 36,950 per kg and weekly-based delivery by Rs 480 to Rs 36,945 per kg.
'For such prices you could get a place inside New York City and inside London.' 'Rs 7 crore is a million dollars and will bring you a handsome place in any city in the world.' 'The truly strange thing is that the conversion of the rupee's actual value makes India's real estate even more expensive,' says Aakar Patel.
Silver followed suit and gained Rs 65 to Rs 39,600 per kg on increased offtake by industrial units and coin makers.
The forex kitty swelled for the fifth week in a row during the week ended December 6 to $295.71 billion, adding $4.41 billion. Between August 30 and December 6, the reserves have increased by close to $17 billion.
Brent crude oil price surged 4 per cent on Friday, following tension between Iran and the US. Airlines, however, have been unable to pass on the price increase to customers due to the soft demand.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Bullion traders said sustained buying by jewellery fabricators and retailers to meet the festive season demand mainly kept precious metal prices higher.
Gold advanced one per cent to $1,212.21 an ounce in Singapore.
2008 is the year of the rat. The Chinese Zodiac says the year of the rat will be volatile for commodities and equities. However 2008 is the year of the Earth Rat, which is prosperous for the earth and metal industries.
Honda Siel Cars India will increase the prices of its cars by up to Rs 354,000, owing to fluctuations in the exchange rate of the Indian rupee and Japanese yen against the US dollar.
Silver also shot up by Rs 400 to Rs 34,400 per kg.
Email alarm made government close arbitrage window
Covering-up of short positions by speculators ahead of September month expiry in the derivatives segment on Thursday also helped the market stage a smart rally.
'Considering that an Internet company's market value is largely determined by its direct access to consumers for digital services, and largely served outside a sovereign country's control, it would appear reasonable in trade terms to discuss fees for a seat at the proverbial 'table' of opportunities in the largest open consumer market,' argues Venki Nishtala.
Silver followed suit and recovered Rs 400 to Rs 34,100 per kg.
Almost 40 per cent of a durable company's sales are achieved during the festival season
The Bombay Stock Exchange has re-entered the trillion dollar club worldwide.
Globally, gold prices slipped by 0.26 per cent to $1,246.20 an ounce in early trade in London.
The rupee has lost ground since pre-Budget, against three major hard currencies (yen, dollar and euro). The European Central Bank and the Bank of Japan maintained status quo in recent policy meetings
Traders said apart from subdued demand from jewellers and retailers, a weakening global trend on easing of tensions in Ukraine mainly kept pressure on gold prices.
India is 80 per cent import dependent to meet its oil needs.
In the national capital, gold of 99.9 and 99.5 per cent purity rebounded by Rs 320 each to Rs 31,820 and Rs 31,620 per ten grams, respectively.
One of the reasons is the increasing number of upgrades in analysts' recommendations.
Gold prices rose by Rs 190 to Rs 27,190 per 10 grams at the bullion market on Friday.
Mandatory hallmarking of gold would be a positive in making the gold market more organised. Mandatory hallmarking would come into effect from January 15, 2020, with a one-year transition period for trade to sell existing inventories. Experts also expect more policy measures next year to bring in more transparency in terms of gold as an asset class.
It carried more than five million passengers across various sectors registering a growth of 20 per cent.
Analysts expect the company to post 6.2% sequential growth in rupee revenue.
Gold continued its upward trend for the sixth straight day and gained another Rs 190 to Rs 26,190 per ten gram at the bullion market on Thursday.
Three-four big gem and jewellery firms are showing financial weaknesses and might find it tough to withstand shocks
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