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.
Gold in New York, which mostly set the price trend on the domestic front, jumped up by $33.50, or 2.73 per cent to $1,262.60 an ounce and silver by 0.68 per cent to $16.96 an ounce in Thursday's trade.
Bullion merchants said persistent rise in gold prices is mostly due to a firming trend in global markets as concerns over European economy mounted, spurring demand for safe-haven, and increased buying by jewellers to meet wedding season demand at domestic spot markets.
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.
Silver also recovered by Rs 515 to Rs 36,750 per kg on increased offtake by industrial units and coin makers.
Silver also spurted by Rs 1,000 to Rs 37,500 per kg.
Gold prices will rise next year as the financial crisis pushes more investors into the precious metal safe haven, according to delegates polled on Tuesday during the London Bullion Market Association annual meeting in Kyoto.
A strengthening rupee following a sharp surge in the inflow of foreign money from investors and "illegal imports" were among some of the reasons for the fall.
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The precious metal has lost Rs 100 in the past two days.
Orders for the festive season abroad begin from next month.
Silver also reclaimed the Rs 34,000 per kg mark.
Bullion traders said besides ongoing wedding season demand, a firm global trend as the weakening in dollar revived the appeal of the metal as an alternative investment, mainly boosted the sentiment.
Diversion of funds towards the surging equity weighed on the precious metal's price
Silver recovered by Rs 100 to Rs 36,950 per kg.
Silver also fell for the third day.
Traders said lack of buying support from retailers and jewellers who preferred to keep their activity restricted, anticipating further fall in coming days, mainly kept gold prices unchanged.
Tracking a weak trend overseas and low demand from domestic jewellers and retailers, gold prices plunged by Rs 200 to Rs 26,350 per ten gram in New Delhi on Monday.
Silver also rose 0.8 per cent to $16.63 an ounce.
Silver also recorded a sharp fall of Rs 1,000 to Rs 37,400 per kg.
All the wholesale commodity markets, including bullion, metals and steel, will be closed in New Delhi on account of 'Dussehra'.
Gold prices on Friday reached an all-time high of Rs 14,200 per 10 gram in the Delhi bullion and analysts said the trend is likely to continue in the coming days.
The slide in gold continued for the second straight day, with prices tumbling by Rs 200 to Rs 28,100 per ten gram at the bullion market on Friday largely in tandem with a weakening trend overseas amid low demand from jewellers.
The all-time high price of silver is Rs 75,000 a kg, recorded in April 2011.
Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.3 per cent to $1,180.78 an ounce.
After Wednesday's rise, gold prices drifted by Rs 190 to close at Rs 27,610 per ten gram in New Delhi on easing demand from jewellers and retailers amidst a weak global trend.
The rouble has been falling steadily since early November and collapsed earlier this month following a spectacular decline in the price of crude oil to five-year lows.
The scheme, touted as a panacea to burgeoning CAD, was a huge flop that fostered a spike in smuggling and allowed several Gitanjali-like players to make a killing
The demand for gold demand is expected to pick up after August with its price expected to touch the Rs 13,500 per 10 grams mark, a top industry official said.
Silver, however, remained weak and fell by Rs 130 to Rs 39,600 per kg due to slackened demand from industrial units.
There was positive news from across the country especially from the South.
Traders said appreciating rupee against the American currency made imports of dollar denominated precious metal cheaper, which mainly kept pressure on bullion prices.
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Silver also recorded a significant rise of Rs 950 to Rs 38,750 per kg.
Gold trading above $900 an ounce begs the question: Who's got the most?
Silver also advanced by Rs 200 to Rs 36,500 per kg.
The precious metal had gained Rs 1,240 in the last eight days.
Silver regained the Rs 35,000 per kg mark by gaining Rs 660.
Bullion merchants said increased buying by jewellers and retailers to meet wedding season demand and a firming trend overseas where gold surged to one-month high, mainly boosted the sentiment.
The price is at a 4-year low, stabilising around Rs 25,000/10gm.
Surging capital markets in India are turning investors away from the bullion market to attractive stocks. This has resulted in the fall of gold prices on lack of buying supporters.
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