The yellow metal had shed Rs 20 on Tuesday.
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.
The securities regulator's approval for the first US-listed exchange traded funds (ETF) to track bitcoin has given Indian cryptocurrency companies hope that the move would create domestic support for the digital assets. The US Securities and Exchange Commission (SEC) on Thursday approved 11 ETFs for bitcoin, perhaps the most popular virtual currency. It would enable investors to access bitcoin without challenges such as setting up wallets or accounts with crypto exchanges that have previously suffered cyberattacks or implosion.
Gold prices rose by Rs 20 to Rs 27,050 per ten grams at the bullion market on Tuesday.
Gold prices plunged by Rs 600 to Rs 26,500 per 10 grams in the national capital today after the precious metal slumped to the lowest level since 2010 in global markets as the strengthening dollar eroded demand for the commodity.
Gold on June 6 hit a fresh all-time high by adding Rs 100 to Rs 30,400 per 10 grams on brisk buying by stockists triggered by a firming global trend. Silver followed suit, and shot up by Rs 1,200 to Rs 55,500 per kg on increased offtake by industrial units and coin makers.
While gold consumption is expected to stabilise this year, it may be some time before it revisits record levels seen in the depths of the financial crisis.
The yellow metal has lost Rs 390 in last three days.
Traders said apart from fall in demand from jewellers and retailers at prevailing levels, a weak trend overseas on expectations that US borrowing costs will increase mainly kept pressure on gold and silver prices.
Gold prices fell by Rs 50 to Rs 27,800 per ten grams in special Diwali trading in New Delhi on Thursday largely in tandem with a weakening global trend.
Gold drops Rs 110 on macro factors.
After gaining Rs 75 in the previous session, the precious metal advanced further, driven by a firming trend in overseas markets as US economic data signalled the Federal Reserve may continue its asset purchase program to support the recovery.
Gold in global markets fell toward a one-week low as investors awaited the outcome of the US Federal Reserve's meeting and assessed the situation in Ukraine, which impacted the prices at domestic markets, traders said.
India will also launch a sovereign gold bond to lower physical demand.
Gold declined by Rs 190 to Rs 31,950 per 10 grams in the bullion market in New Delhi on Monday, while silver lost Rs 800 to Rs 60,400 per kg on subdued demand at higher levels.
Traders said sentiment bolstered after gold jumped to a one-month high in overseas markets as expectations the US Federal Reserve will sustain stimulus hurt the dollar, and raised demand for precious metals as an alternate investment.
Traders said reduced offtake by retailers and stockists at prevailing higher levels mainly kept pressure on gold and silver prices.
Despite demand, gold jewellery sales are likely to decline by up to 60 per cent this festive season due to stock crunch following restrictions on imports, according to industry experts.
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Both gold and silver traded lower in Mumbai on fresh selling by stockists. Gold of 99.9 and 99.5 per cent purity fell by Rs 80 each to Rs 30,030 and Rs 29,880 per ten grams, respectively, while silver lost Rs 400 to Rs 45,250 per kg.
Providing relief to the economy from widening trade deficit on account of gold imports, the inward shipments of the metal slumped in December to 39 tonnes, Commerce Secretary Rajeev Kher said on Wednesday.
Gold slips by Rs 150 on low demand.
Traders said increased buying by stockists and retailers for the ongoing marriage season amid a firming global trend, as escalating tensions between Ukraine and Russia spur demand for haven assets, mainly led the rise in precious metal prices.
Silver staged a comeback by rising Rs 300 to Rs 36,800 per kg,
Globally, gold lost 0.8 per cent to $1,154.60 an ounce.
Selling gathered momentum as gold dropped in global markets before a report that may show US employers added more jobs last month, reducing the appeal of bullion as a haven, traders said.
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.
Silver followed suit and shed Rs 100 to Rs 36,050 per kg.
Bullion merchants said sustained buying by stockists and jewellers to meet the ongoing wedding season demand mainly kept gold prices higher.
Traders said sustained selling by stockists in tandem with a weakening global trend mainly kept pressure on precious metal prices.
Traders said stockists selling against fall in demand at prevailing higher levels mainly pulled down gold prices.
Silver also gained for the third-day and jumped by Rs 500 to Rs 43,000 per kg on increased offtake by industrial units and coin makers.
Traders said stockists selling against sluggish demand at prevailing higher levels amid weak global trend mainly kept pressure on precious metals.
Gold prices rose further by Rs 10 to Rs 27,500 per ten grams in the national capital today on the back of pick-up in buying by jewellers to meet wedding season demand.
Traders said continued buying by stockists driven by ongoing marriage season mainly led to rise in gold and silver prices.
Silver also found buying support and gained Rs 150 to Rs 37,350 per kg.
Traders said besides sustained selling by stockists against subdued demand, strengthening rupee led to persistent fall in prices.
Gold prices jumped by Rs 650, its biggest gain since June 20, to close at Rs 26,450 per 10 grams in New Delhi on Saturday on emergence of buying by jewellers and retailers amidst a rebound in global markets.
Silver also gained Rs 300 to Rs 41,300 per kg.
Globally, gold lost 0.4 per cent to $1,274.19 an ounce in Singapore.
Gold prices surged by Rs 150 to trade at fresh three-month high of Rs 27,575.
