On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 625 each to Rs 31,750 and Rs 31,550 per ten gram, respectively. Sovereign followed suit and rose by Rs 200 to Rs 25,100 per piece of eight gram.
After losing Rs 730 in last six sessions after the Reserve Bank of India eased imports curbs by scrapping 80:20 scheme, gold staged a strong comeback by rising Rs 840 to close at Rs 27,040 per ten grams, a level last seen on October 30.
Silver also recorded a steep fall of Rs 1,550 to Rs 34,450 per kg.
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Traders said some local buying mainly helped both gold and silver prices to recover some ground.
The government on Friday slashed the import tariff value on gold to $398 per ten grams while raising it marginally on silver to $643 per kg in line with global trends.
Silver too advanced by Rs 100 to 38,700 per kg.
Traders said buying activity in gold picked as stockists enlarged their positions for the rising wedding season demand.
Extending gains for the third day, gold prices rose by Rs 300 to Rs 30,700 per ten gram in the national capital today on sustained buying by stockists for the ongoing marriage season amid a firming global trend.
In Delhi, gold of 99.9 and 99.5 per cent purity gained Rs 110 each to Rs 27,210 and Rs 27,010 per 10 gram, respectively.
Gold in Singapore advanced as much as 1 per cent to $1,202.08 an ounce.
Silver was also up by 1.63 per cent to $15.92 an ounce.
Gold prices on Saturday rose further by Rs 40 to Rs 27,350 per ten grams at the bullion market in New Delhi on the back of rising demand from jewellers, driven by ongoing wedding season.
Silver also fell by Rs 400 to Rs 41,000 per kg on poor offtake by industrial units and coin makers.
Silver, however, remained weak and fell by Rs 130 to Rs 39,600 per kg due to slackened demand from industrial units.
There is a reason why Brahma is paired with the Goose. And Laxmi with the Owl.
The government on Friday reduced the import tariff value on gold and silver to $420 per 10 grams and $645 per kg, respectively, taking cues from firm global prices.
Globally, gold prices fell by 0.3 per cent to $1,194.10 an ounce in Singapore on speculation that a rally to a two-week high will erode demand as dollar strengthens.
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.
The precious metal has now lost Rs 280 in last three days.
Gold cracked as much as Rs 730 -- its biggest one-day fall this year -- to Rs 30,520 per 10 grammes, in sync with a weak trend overseas on growing US rate hike buzz amid a fall in demand at the spot market.
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The precious metal has lost Rs 100 in the past two days.
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.
At a time when the whole world is going ga-ga over stocks and debt is too easy to borrow, do not forget gold, says Anil Rego.
Meanwhile, silver coins continued to be traded at previous level of Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.
Traders said the sentiment remained bearish on stockists selling and weakening global trend as Federal Reserve signalled a rise in interest rates while further reducing monetary stimulus, boosting the dollar and curbing demand for the metal.
Gold prices fell by Rs 30 to Rs 27,160 per 10 grams at the bullion market on Saturday.
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.
Sentiment turned bearish after gold fell in overseas markets to a lowest level in three-week on speculation that the Federal Reserve will start to reduce bond purchases by the end of the year as the US economy improves, traders said. Gold in Singapore, which normally set price trend on the domestic front, fell by 0.8 per cent to 1,273.55 dollar an ounce, the lowest since July 17 and silver by 0.8 per cent to 19.37 dollar an ounce.
While gold declined by Rs 50 to Rs 28,750 per ten grams, silver dipped by Rs 25 to Rs 42,075 per kg on lack of buying support.
Silver also turned weak and declined by Rs 400 to Rs 42,600 per kg on poor offtake by industrial units and coin makers.
Silver also declined by Rs 250 to Rs 35,400 per kg on reduced offtake by industrial units.
Gold prices plunged by Rs 410 to trade at over two-week low of Rs 27,790 per 10 grams at the bullion market on Monday.
It's likely that prices may have much further to fall as investors rush to liquidate.
Traders said fall in demand from jewellers and retailers at existing levels mainly led to the fall in gold prices but a better trend overseas restricted losses.
Silver also advanced by Rs 200 to Rs 36,500 per kg.
Silver held steady at Rs 37,300 per kg.
On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 15 each to Rs 30,050 and Rs 29,850 per ten gram, respectively.
Bullion traders said a weakening trend in global markets, as the dollar's strength eroded demand, mainly put pressure on the precious metal.
