Traders said some buying for the marriage season mainly helped gold prices to recover.
Retailers are witnessing a surge in demand and expect up to 50 per cent spike in sales volume in this marriage season.
Gold prices sky rocketed to set a new high of Rs 7635 per 10 gram on the bullion market on Friday on brisk buying by retail customers and stockists influenced by higher international trends.
Traders attributed slackening in demand to volatile prices which have been swinging in the range of an all-time high of Rs 13,670 per 10 gram and a low Rs 11,800 per 10 gram during the last few months. "Consumers are hesitant and are keeping a wait-and-watch policy, expecting the prices to go down further," said Suresh Verma of Delhi-based Om Jewellers.
Snapping its four-day losing streak, gold rebounded by Rs 100 to Rs 27,070 per ten grams at the bullion market on Wednesday.
In New York, gold rose to an all-time high of $1,782.50 an ounce.
Silver followed suit, which traded lower by Rs 260 to Rs 38,540 per kg.
Govt has so far refused to bring down the import duty to 2% from the current 10%.
Traders said increased selling by stockists, tracking a weak trend overseas as investors awaited US employment data that may show the economy is strengthening, mainly dampened the sentiment.
Move comes after agencies unearth several cases of misuse of the 80:20 scheme.
Concern would kick in if imports stay at or over 100 tonnes a month.
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Gold prices on Thursday crossed the crucial Rs 17,000 per 10 gram level in the bullion market here, buttressed by frantic buying by jewellers for the ongoing marriage season amid a firming global trend.
Traders said appreciating rupee against the American currency made imports of dollar denominated precious metal cheaper, which mainly kept pressure on bullion prices.
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.
Surging capital markets in India are turning investors away from the bullion market to attractive stocks. This has resulted in the fall of gold prices on lack of buying supporters.
Gold surged Rs 400 to Rs 28,940 per 10 grams on Tuesday on brisk buying by stockists and jewelers for the ongoing marriage season amid a firming global trend.
A rally was also seen in sovereign and silver coins that rose to dizzy heights on scattered buying support from retail customers for the ongoing heavy marriage season.
Traders attributed the rise in the precious metal prices to emergence of buying at prevailing levels by stockists and retailers to meet the ongoing marriage season demand.
Traders said fresh buying by stockists and jewellers to meet the coming 'Navratras' and marriage season demand amid a strong global trend mainly led the recovery in gold prices.
Gold rose by Rs 190 to Rs 31,350 per ten grams in the national capital on Thursday as stockists and retailers remained net buyers of the precious metal for the marriage season amid a firming global trend.
The yellow metal had gained Rs 920 in previous four trading sessions.
Even those reaching out to jewellery showrooms at the peak of the marriage season are putting a cap on their purchases, jewellers rued.
Gold prices hit one-month lows at the bullion market on Wednesday on sustained selling from stockists and investors in the backdrop of a crash in global market, while silver hit two-and-a-half-year low.
Gold prices nose-dived across the country on Friday on panic selling by stockists, triggered by a fall in overseas markets amidst off marriage and festival season and recorded losses between Rs 100 and Rs 180 per ten gram.
Silver snapped its two-day losing trend and recovered by Rs 310 to Rs 44,310 per kg on increased offtake by industrial units and coin makers.
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In Mumbai, gold traded higher at Rs 30,330 per 10 grams and silver traded lower at Rs 44,400 per kg.
Traders said besides reduced offtake by stockists and jewellers in view of off-marriage season, weak trend in global markets mainly led to the fall in gold and silver prices.
After demonetisation, demand jumped as many people with unaccounted money bought the yellow metal.
Gold in global markets, which normally sets the price trend on the domestic front, recorded a sharp gain of USD 17.50 to USD 1,738.40 an ounce and silver rose by 2.45 per cent to USD 34.27 an ounce in New York last evening.
Gold prices in India soared to record highs on Thursday, prompting many people in the world's largest bullion consumer to sell old stock, traders said.
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Gold prices have eased off in recent months after the formation of a new government bringing in positive sentiment back to the stock market.
Silver also recovered by Rs 200 to Rs 37,000 per kg.
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Buying was restricted at higher levels.
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Gold continued with its record-breaking rise in the national capital on Wednesday, surging by Rs 300 to Rs 19,500 per 10 grams, while silver also hit an all-time high after gaining Rs 370 to Rs 32,400 per kg.
