Traders said stockists buying for the marriage season amid a firm global trend mainly led the recovery in gold prices.
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A WGC survey says that there is no dearth of gold demand, but there is lack of trust among prospective gold buyers, not only in India but globally.
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.
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The worsening demand for jewellery has already started impacting jobs and karigars or goldsmiths.
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With gold prices tumbling, retailers are witnessing a surge in demand and expect up to 50 per cent spike in sales volume during this marriage season.
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On the domestic front, gold of 99.9 and 99.5 per cent purity shed Rs 30 each to Rs 30,700 and Rs 30,500 per 10 grams, respectively. It had lost Rs 330 in last two trades.
The most compelling reason for putting money in gold is its role as a long-term or strategic asset.
Gold in New York, which normally sets price trend on the domestic front, traded marginally up 0.07 per cent to $1,291.80 an ounce.
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Traders said the precious metals remained in demand for the ongoing festivals and marriage season, while silver rose on industrial units and coin makers demand.
Gold in London, which normally sets price trend in the domestic markets, rose by 0.1 per cent to $1,313.42 an ounce on speculation the US Federal Reserve may further cut monetary stimulus, raised demand for the metal as a safe haven.
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Silver also rose further by Rs 100 to Rs 37,600 per kg.
However, silver remained under selling pressure for the sixth straight session and shed Rs 30 to Rs 43,470 per kg.
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Gold import in the December quarter is estimated to come down.
Gold prices surged by Rs 650 to Rs 31,200 per ten gram on heavy purchases by stockists and retailers for the marriage season and approaching 'Diwali' festival.
Gold gained Rs 50 and touched a new peak of Rs 16,850 per 10 gram.
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Traders said brisk buying by stockists and jewellery fabricators to meet the rising festive and wedding demand mainly led an upsurge in gold and silver prices.
Traders said emergence of buying at existing lower levels to meet the ongoing marriage season demand mainly led to recovery in gold prices.
The wedding season will continue till early January and gold is an important gift item at marriages.
Silver, however, fell for the third straight session by losing Rs 200 to Rs 43,800 per kg on lack of buying support from coin makers and industrial units.
Silver also jumped Rs 950 to Rs 44,750 per kg on increased offtake by jewellers and industrial units.
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In Mumbai, gold of 99.9 and 99.5 per cent purity rebounded by Rs 170 and Rs 190 to Rs 30,650 and Rs 30,520 per ten grams, respectively. Silver jumped by Rs 1,050 to Rs 46,800 per kg.
The RBI banned imports on a consignment basis, making it difficult for jewellers to source raw material.
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Sales of gold and gold jewellery have come down by 75 per cent in Gujarat due to spiralling prices of yellow metal in past two to three months.
Traders said sustained buying by stockists to meet the festive and marriage season demand mainly helped gold prices to extend gains for the second session.
