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.
Most consumers are going for token buying of lesser value and are waiting for price correction for purchase of wedding jewellery.
Gold prices fell by Rs 30 to Rs 27,160 per 10 grams at the bullion market on Saturday.
Gold prices plunged by Rs 200 to trade at Rs 27,000 per 10 grams at the bullion market on Thursday.
Silver also recovered by Rs 200 to Rs 37,000 per kg.
Gold prices have hit a record high of Rs 26,000 per 10 grams for the first time ever.
The ongoing wedding season could not boost the trading sentiment and low demand from jewellers and retailers was witnessed, traders said, adding that a weak global trend because of strengthening of dollar also reduced appeal for the bullion.
The surge comes at a time when Chinese investors look for insurance against rising inflation and currency appreciation, the Financial Times reported.
Silver gained Rs 350 to Rs 36,550 per kg on increased offtake.
Gold rebounds after 3-day fall on renewed demand, global cues.
The precious metal had gained Rs 325 in the previous two sessions.
Customs officials are busy at ports and airports, scanning passengers to ensure that COVID-19 virus-affected people are traced. So, officials are not able to focus much on baggage checking. This could lead to more gold getting smuggled into the country as luggage check at airports is now random unlike earlier where every bag was checked thoroughly.
Gold prices recovered by Rs 85 to Rs 26,625 per 10 grams at the bullion market.
Silver, however, found some buying support.
Silver was also up by 1.63 per cent to $15.92 an ounce.
Globally, gold fell by 0.94 per cent to $1,094.20.
Official sources say that the finance ministry is aware of the possible spike in smuggling activity and has already asked intelligence agencies to tighten their vigilance and come down on the unofficial entry of gold into India.
Silver followed suit and advanced by Rs 50 to Rs 33,750 per kg.
The Bill to amend the Bureau of Indian Standards Act has been passed.
Silver also eased by Rs 100 to Rs 39,400 per kg.
Silver coins also spurted by Rs 1,000 to Rs 56,000.
Gold in Singapore, which normally sets price trend on the domestic front, rose 0.3 per cent to $1,199.65 an ounce.
Silver also turned weak and prices eased by Rs 100 to Rs 36,900.
Gold has bounced back gaining Rs 825 in the last eight days.
The Madras high court has directed the Tamil Nadu Crime Branch-CID police to probe the case of 'missing' gold, which left the country's premier investigating agency red-faced.
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Silver also fell sharply by Rs 550 to Rs 38,000 per kg.
Snapping their three-day falling trend, gold prices surged by Rs 375 to trade at Rs 26,375 per 10 grams at the bullion market.
Despite the recent imposition of import rule and high duties, the yellow metal continues to attract buyers.
The poor deployment of WLATMs has tripped what the central bank sought to achieve back in 2012.
Silver also recovered by Rs 500 to Rs 37,300 per kg.
A sharp decline in sales and prospects of a grim future have resulted in a fall in jewellery stocks.
Silver also edged higher by Rs 100 to Rs 36,100 per kg.
gold prices fell by Rs 210 to Rs 26,600 per 10 grams.
Following the Reserve Bank easing he 20:80 gold import norms, India Bullion & Jewellers Association (IBJA) said gold prices are likely to fall to Rs 23,000-24,000 per 10 grams by Diwali.
The precious metal had gained Rs 335 in the last two days.
Silver, however, recovered by Rs 50 to Rs 36,800 per kg
Gold price recovered a bit on favourable cues from global markets.
Silver also dropped by Rs 300 to Rs 38,400 per kg.
Gold prices declined by Rs 100 to Rs 28,200 per 10 grams at the bullion market on Friday
Gold prices may trade higher in the coming days because of weaker dollar and speculations of US Fed rate cut.
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