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Bullion merchants said apart from sustained buying by jewellers and retailers to meet rising wedding season demand, a firming global trend mainly boosted the sentiment.
Bullion traders said subdued demand at current levels and a weak global trend mainly pulled down both gold and silver prices.
This is thrice of what agencies seized during the 2014 Lok Sabha poll process, reports Archis Mohan.
While gold gained Rs 320 to Rs 30,545 per ten gram after losing Rs 585 in last four sessions, silver recovered by Rs 390 to Rs 49,330 per kg, snapping Rs 2,260 losses of four days.
Last year on Dhanteras, the precious metal stood at Rs 31,400 per 10 grams.
Since the Union Budget, gold has become costlier by 8-9 per cent because of a 2.5 per cent increase in import duty to 12.5 per cent and about a 5 per cent depreciation in the rupee.
The all-time high price of silver is Rs 75,000 a kg, recorded in April 2011.
The yellow metal has risen 6.6 per cent since mid-August
Sentiment remained bearish as gold fell in global markets after the US and Russia agreed on a plan to destroy Syria's chemical weapons, diminishing demand for the precious metal, traders said.
Is it a good idea to give Rs 1 crore to someone who promises you a return of 24% per annum, wonders financial advisor P V Subramanyam.
Gujarat witnessed seizures of Rs 71.88 crore in just a few days after the announcement of the election
Silver also recorded a steep fall of Rs 1,550 to Rs 34,450 per kg.
Silver met with resistance at prevailing levels.
About 5,000-6,000 people are dealing in gold dust in West Bengal for months along the Ganges in and around Shibpur area of Howrah district without any licence whatsoever.
Gold on Tuesday advanced further to hit a fresh two-month high of Rs 29,100 per 10 grams, driven by heavy buying by retail customers for the festival of 'Akshaya Tritiya'.
The import tariff value -- base price at which customs duty is determined to prevent under-invoicing -- is revised on a fortnightly basis.
Retail investors are turning to the commodities market as an investment option. Rising commodity prices have resulted in these giving better returns than equity markets.
The reason, say market players, is heavy losses suffered by traders in south India and Ahmedabad dabbling in the white metal.
Gold advanced one per cent to $1,212.21 an ounce in Singapore.
Traders said a weakening trend in the precious metals overseas after the Federal Reserve pressed on with cuts to stimulus amid signs of a recovery in the US, reducing demand for the safe haven, mainly put pressure on the gold prices in New Delhi.
Tata Motors on Tuesday said it will increase prices of its passenger vehicles by an average of 0.9 per cent with effect from January 19, in order to partially offset the impact of rise in input costs. The Mumbai-based automaker sells various models like Tiago, Punch and Harrier, in the domestic market. Effective January 19, 2022, an average increase of 0.9 per cent will be implemented, depending on the variant and model, the automaker said in a statement.
Silver also found buying support and gained Rs 150 to Rs 37,350 per kg.
Gold today zoomed by Rs 1,025, its second biggest rise this year, to Rs 28,990 per 10 grams, on brisk buying by stockists and investors amid a firming global trend and shifting of funds to the precious metal from volatile equity and forex markets.
MCX offers commodity futures contracts in agriculture, precious metals, base metals and energy commodities, whereas AFET offers commodity futures contracts in white rice, rubber and tapioca.
Pre-Diwali Dhanteras sales of gold and silver witnessed a tepid response from consumers on Thursday on account of high prices of the precious metals and sluggish demand due to COVID-19 induced economic hardship, according to jewellers and industry experts. However, jewellers are expecting maximum footfalls on Friday as Dhanteras -- considered the most auspicious day in Hindu calendar for buying items, ranging from precious metals like gold and silver to utensils -- is being celebrated for two days this year.
Gold prices maintained its upward journey for the second day with a gain of another Rs 180 to Rs 27,300 per 10 gm on Monday.
Traders said sustained buying by stockists and retailers for the ongoing marriage season mainly led an upward trend in precious metals.
A rise in import duty could be a reason for increase in illegal consignments, say experts.
Gold and silver extended gains in New Delhi on Monday on sustained buying by stockists, driven by firm global trends.
The precious metal spurted by Rs 360 to Rs 15,200 per 10 gram, a level never seen before, solely driven by a rally in overseas markets.
Traders said sustained selling by stockists on the back of sluggish demand mainly kept pressure on precious metals.
The rule required firms to mandatorily export 20 per cent of the gold they had imported.
However, silver coins gained Rs 500 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.
The precious metal spurted to regain Rs 27,000 level after June 24 as it rose in global markets following Federal Reserve Chairman Ben S Bernanke backed sustained stimulus for the for some time.
Domestic prices up 30 per cent, global 38 per cent in just two months.
Globally, gold fell by 1.32 per cent to $1,125.40 an ounce and silver by 3.98 per cent to $14.11 an ounce in New York in yesterday's trade.
While gold surged Rs 200 to Rs 21,420 per 10 gm on rising seasonal demand, silver rose by Rs 1,250 to Rs 54,450 per kg on heavy buying by stockists and industrial units, amid firm global cues.
On the domestic front, gold of 99.9 and 99.5 per cent purity plunged further by Rs 375 each to Rs 28,350 and Rs 28,150 per 10 grams, respectively. Sovereigns continued to be asked around previous level of Rs 24,400 per piece of eight grams in scattered deals.
SWF is a state-owned investment fund comprising of financial assets such as stocks, bonds, property, precious metals and other financial instruments.
40-50 tonnes of gold may have been smuggled into India in July-September; industry seeks duty cut
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