Marketmen said emergence of buying at prevailing levels by jewellers and retailers to meet upcoming festive season demand mainly supported the upside in gold prices.
Gold prices jumped upwards to set another high of Rs 6720 per ten gram on the bullion market on Saturday on sustained buying to meet the marriage season demand.
Marketmen said some buying by stockists and jewellers to meet the festive season demand mainly influenced gold prices but a weak trend in overseas markets capped the gains.
From its all-time peak of 38,989.65 scaled on August 29 this year, the Sensex has fallen by 2,921.32 points, or 7.5 per cent, to 36,068.33.
In the national capital, gold of 99.9 and 99.5 per cent purity were up by Rs 150 each to Rs 28,500 and Rs 28,300 per 10 gram respectively.
Snapping its losing streak, gold prices recovered by Rs 40 to Rs 27,240 per 10 grams in New Delhi on Wednesday on emergence of buying at existing lower levels amid a better trend in global markets.
Gold prices spurted on the bullion market on Wednesday on the emergence of buying by stockists triggered by a rising trend in international markets and closed with notable gains.
Gold on Tuesday eased by Rs 25 to Rs 27,450 per ten grams on favourable cues.
Globally, gold advanced 0.3 per cent to USD 1,179.35 an ounce in Singapore.
Stocks and rupee on Monday took an early morning plunge but soon recouped their losses.
Marketmen said fall in demand from jewellers and retailers at prevailing higher levels and a weak global trend mainly led to the fall in gold and silver prices.
Continuing its rising streak for the third day, gold prices advanced by Rs 130 to Rs 27,470 per ten grams in the national capital on Wednesday on increased buying by jewellers and retailers amid ongoing festive season even as the metal weakened overseas.
Precious metals recovered on the bullion market on revival of buying by stockists and investors amid diversion of some funds from the falling stock markets, and closed with notable gains.
Confusion prevailed in the Bombay Stock Exchange on Tuesday over a sudden rise in Oil and Natural Gas Corp share price to Rs 1,480, against the last close of Rs 1,256.95.\n\n
Investors must remember that the additional returns on equities come bundled with the high risk involved in them.
Silver also dived by Rs 600 to Rs 40,600 per kg.
Globally, gold rose 0.83 per cent to $1,290.90 an ounce and silver was up 0.79 per cent to, $17.92 an ounce in London in early trade on Tuesday.
After rising for two days, gold prices went down by Rs 100 to Rs 26,850 per 10 grams at the bullion market on Tuesday, tracking a weak global trend amid slackened demand from jewellers.
Gold remained higher by adding another Rs 70 to Rs 27,550 per ten grams at the bullion market on Tuesday.
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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.
Gold prices fell further by Rs 75 to Rs 27,025 per ten gram at bullion market in New Delhi on subdued demand even as the metal strengthened overseas.
Gold prices on Monday drifted by Rs 105 to trade at a three-week low of Rs 27,225 per ten grams.
Gold prices declined by Rs 50 to Rs 28,270 per ten grams in New Delhi on Monday on slackened demand from jewellers at prevailing levels amid a weak trend in global markets.
Marketmen said revival of buying by stockists and local parties at existing lower levels amid a firm global trend where gold climbed to four-month high ahead of US payrolls data mainly influenced the sentiment.
Gold prices zoomed to set another record level on the bullion market on Monday on brisk buying and gained another Rs 50 to touch Rs 6,020 per ten gram, triggered by heightened concerns over possible US attack on Iraq.
Marketmen said besides low demand from jewellers and retailers at prevailing levels, a weak global trend as the dollar touched a five-year high, damping investor demand for the metal as a safe-haven, weighed on gold prices.
Gold surged by Rs 325 to trade at over three-month high of Rs 27,890 per 10 grams at the bullion market on Thursday.
HPCL and BPCL were compelled downward today as marketmen reckon that their divestment may not even take place in the current calendar.
Marketmen said increased buying by jewellers and retailers to meet the festive season demand amidst a firming global trend mainly kept precious metals higher.
Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.9 per cent to $1,327.94 an ounce and silver by 1.6 per cent to $20.61 an ounce.
FII investments, movement of rupee against dollar and crude oil to influence trading
Silver followed suit and rebounded by Rs 400 to Rs 44,800 per kg on increased offtake by industrial units and coin makers.
Gold gained Rs 220 on Tuesday.
Marketmen said apart from increased buying by jewellers and retailers to meet upcoming festive season demand, a firming global trend on speculation prices near an eight-month low will spur more buying as the US Federal Reserve begins a two-day policy meeting, also boosted the sentiment.
Continuing its losing streak for the third day, gold prices drifted by Rs 155 to settle at Rs 28,175 per ten gram in the national capital today on sustained selling by stockists, tracking a weakening global trend.
The white metal had gained Rs 200 in the previous session.
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