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In Mumbai, gold of 99.9 and 99.5 per cent purity rebounded by Rs 170 and Rs 190 to Rs 30,650 and Rs 30,520 per ten grams, respectively. Silver jumped by Rs 1,050 to Rs 46,800 per kg.
The RBI banned imports on a consignment basis, making it difficult for jewellers to source raw material.
Sales of gold and gold jewellery have come down by 75 per cent in Gujarat due to spiralling prices of yellow metal in past two to three months.
The gold prices on Tuesday dipped as low as Rs 11,000 per 10 gram, down nearly one-fifth from this year's high of Rs 13,650 scaled nearly a month-ago on July 15. The price has come close to its level seen during the Diwali season last year, when it stood at near Rs 10,500 per 10 gram. This year, Diwali falls on October 28.
Traders said sustained buying by stockists to meet the festive and marriage season demand mainly helped gold prices to extend gains for the second session.
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Traders said buying activity continued for the third straight day for the ongoing 'Navratras,' an auspicous week in Hindu mythology for making new purchases and marriage season.
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"We expected the demand to be very high as the shops were closed due to the strike. However, the footfalls were much fewer than our expectations," Kumar Jain of Umedmal Tilokchand Zaveri said.
Brisk buying for the ongoing marriage season and rising demand from industrial units resulted in this rise.
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Silver prices also jumped by Rs 500 to Rs 45,000 per kg on increased offtake by jewellery fabricators and industrial units.
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.
Gold zoomed by Rs 425 to Rs 31,150 per ten grams in the national capital today on frantic buying by stockists and investors on strong global cues.
Gold and silver zoomed to all-time highs in New Delhi on Monday on brisk buying by stockists and jewellers for the upcoming marriage season amid firm global cues.
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.
Traders said increased buying of gold by stockists and jewellers to meet the rising festive and marriage season demand, amid firming global trend, influenced the sentiment.
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Silver also recovered Rs 600 to Rs 45,200 per kg on increased offtake by industrial units and coin makers.
The yellow metal remained in demand ahead of the upcoming 'Akshya Tritya' festival, considered to be an auspicious day for purchasing gold and the beginning of marriage season.
Firm overseas trend, spot demand support uptrend.
Trading sentiment turned extremely bullish as gold and silver soared to a record levels in 31 years in global markets as inflation in China accelerated underscoring the challenge that central bankers worldwide face in combating rising prices.
Gold prices on Saturday rose further by Rs 40 to Rs 27,350 per ten grams at the bullion market in New Delhi on the back of rising demand from jewellers, driven by ongoing wedding season.
Traders said stockists buying for the ongoing marriage season mainly led the recovery in gold and silver prices.
Gold prices surged to set a new peak at Rs 8,890 per ten gram on the bullion market on Thursday on aggressive buying by stockists to meet the current marriage season demand.
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Silver ready rose by Rs 100 to Rs 37,000 per kg.
Meanwhile, silver coins continued to be traded at previous level of Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.
Gold regained its crucial Rs 21,000 per ten grams level in the bullion market on Tuesday, on emergence of buying by retail customers for the current marriage season, while silver fell from the record level.
Surpassing earlier records, pure gold (99.9) purity strode to historic-highs of Rs 6,140 per ten grams at the bullion market on Saturday.
However, silver snapped two-day rising trend and declined by Rs 215 to Rs 49,100 per kg on reduced offtake at prevailing higher levels.
On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 625 each to Rs 31,750 and Rs 31,550 per ten gram, respectively. Sovereign followed suit and rose by Rs 200 to Rs 25,100 per piece of eight gram.
Traders said sustained buying by stockists and retailers for the ongoing marriage season mainly led an upward trend in precious metals.
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Traders said gold prices surged on hectic buying by stockists for the marriage season and weak rupee against the dollar, making the precious metal costlier.
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It makes sense to wait for govt schemes such as gold bonds.
Bullion merchants said sustained buying by stockists and jewellers to meet the ongoing wedding season demand mainly kept gold prices higher.
