Gold gained Rs 50 and touched a new peak of Rs 16,850 per 10 gram.
Globally, gold gained 0.4 per cent to $1,098.62 an ounce and silver gained 0.9 per cent to $14.95 an ounce in Singapore.
The minister asked jewellers not to recover transaction charges for use of debit or credit cards from customers.
Bullion in the Asian region gained as much as 0.5 per cent to $1,222.47 an ounce, its highest level since May 19, as the euro extended its 2.4 per cent decline against the dollar last week.
Radha Timblo, a Goa-based miner whose name figures in the black money list submitted by the Centre in the Supreme Court, on Tuesday denied having any "undisclosed" bank account in the country or abroad.
Gold in overseas markets advanced $10.60, or 1.1 per cent, to $1,018.15 an ounce.
Silver also eased by Rs 320 to Rs 35,780 per kg.
Gold on Monday fell by Rs 50 at Rs 16,020 per 10 gram in the bullion market on selling by stockists, sparked by a weakening global trend.
Gold is likely to touch Rs 18,000 per 10 gram during the forthcoming festival season as the demand for the yellow metal peaks around Diwali time, according to a projection by industry body Assocham.
Silver coins also tumbled by Rs 1,000 to Rs 52,000 for buying and Rs 53,000 for selling of 100 pieces.
Silver remained under selling pressure and lost Rs 200.
Select markets including the Bombay Stock Exchange, National Stock Exchange, foreign exchange, money market, oilseeds and spices will remain closed on Monday, February 2 on account of Id-Ul-Zuha (Bakri Eid).
Silver, however, ended steady at Rs 36,000 per kg.
Silver also traded lower by Rs 100 to Rs 37,200 per kg.
Silver held steady at Rs 37,300 per kg.
Silver traded lower by Rs 135 to Rs 36,750 per kg.
Silver followed suit and gained Rs 65 to Rs 39,600 per kg on increased offtake by industrial units and coin makers.
Bullion merchants said sustained buying by stockists and jewellers to meet the ongoing wedding season demand mainly kept gold prices higher.
The gold prices may rebound to Rs 13,000-level in the domestic markets by June if rupee remains resilient against the US currency, experts believe. Dollar denominated gold gets cheaper when the rupee rises against the greenback.
Silver also eased by Rs 200 to Rs 37,200 per kg.
Gold is ruling over Rs 14,990 per 10 grams level in the spot market and on leading commodity exchange MCX gold for August was trading at Rs 14,724 per 10 grams.
Silver also dived by Rs 600 to Rs 40,600 per kg.
Globally, gold advanced 0.3 per cent to USD 1,179.35 an ounce in Singapore.
Gold in New York, which normally determine a price trend on the domestic front, fell 0.40 per cent to $1,233.70 an ounce in Tuesday's trade.
The gold prices surged by Rs 100 to close at Rs 14,750 per ten gram in the bullion market on Monday influenced by budgetory proposals to hike import duty on gold bars even as the metal in overseas market quoted lower.
Amidst concerns of liquidity crunch due to weak sentiments in stock markets across the globe, investors have started winding up their positions in commodities such as gold, silver and nickel. Investors are selling off their positions in commodities market globally because of the liquidity crisis owing to weak stock market trends internationally, analysts said.
Tax sleuths have detected over Rs 52 crore of unexplained cash in jewellers' bank accounts
According to the report, benchmark gold ETFs have increased to 2.03 tonnes in May from 1.5 tonnes in the corresponding period last year. Whereas gold ETFs at UTI, Reliance Capital and Kotak remained at 1.32 tonnes, 1.23 tonnes and 0.34 tonnes respectively during May period, it said.
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.
The larger amount of black money either goes into domestic real estate or bullion, or is round-tripped back into India anyway.
Select leading markets like Bombay Stock Exchange, National Stock Exchange, forex and money market will remain closed on December 25, on account of Christmas.
Gold on Tuesday eased by Rs 25 to Rs 27,450 per ten grams on favourable cues.
Silver coins also spurted by Rs 1,000.
Gold prices firm up on global cues.
Since most banks have tightened lending to diamond merchants and others are about to do so, many medium and small diamond dealers are approaching large players for credit facility within the industry
Gold prices on Thursday crossed the psychological Rs 18,000 per ten gram level in early trade in the national capital today on frantic buying by stockists and jewellery makers, in line with a firming global trend.Gold, which had set a new milestone at Rs 18,000 per ten gram in the previous session, opened higher by Rs 80 at Rs 18,080 per ten gram in the Delhi bullion market.
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.
Traders said some buying by jewellers and retailers and a firm trend in Asian region mainly kept gold prices steady.
Gold jewellers in Mumbai lost Rs 1,200 crore (Rs 12 billion) of business during the terrorist bloodbath that engulfed the metropolis from Wednesday to Saturday, a top industry official said.
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