Globally, gold climbed 0.7 per cent to $1,161.85 an ounce in Singapore.
Gold in Singapore, which normally determines price trend on the domestic front, traded a shade higher at $1,310.85 an ounce and silver by 0.70 per cent to $20.56 an ounce in on Tuesday's trade.
Globally, gold was trading 0.35 per cent lower at $1,267.20 an ounce in Singapore.
In Singapore, gold prices have risen by 0.46 per cent to $ 1,294.20 from $ 1,288 per ounce in last one fortnight.
Officials were surprised at how quickly smugglers appraised the Covid situation to recruit jobless migrant workers to ship gold.
All round selling by stockists on free-fall in overseas markets and investors shifting their funds to surging equities mainly pulled down the gold prices to a level last seen on August 9,2011.
The government on Monday reduced the import tariff value of gold to $458 per 10 grams due to fall in its global prices.
Gold prices breached the crucial Rs 25,000-level for the first time ever in history, tracking strong trends in global markets where financial uncertainty increased the metal's appeal as a safe investment haven.
Traders said reduced offtake by retail customers on sluggish demand at prevailing higher levels kept pressure on gold prices, while silver rose on fresh buying by industrial units and coin makers amid a firming global trend.
Gold in Singapore, which normally sets price trend on the domestic front, rose 0.3 per cent to $1,199.65 an ounce.
Despite price correction, policies that support the yellow metal will remain in place in the foreseeable future.
Gold has held up better than many expected.
The import tariff value -- base price at which customs duty is determined to prevent under-invoicing -- is revised on a fortnightly basis.
The December meeting of the Reserve Bank of India's (RBI's) six-member Monetary Policy Committee (MPC) will start on Wednesday even as there is no clarity on whether Governor Shaktikanta Das, the chair of the panel, will continue in office after his term ends next week. The outcome of the meeting will be announced on Friday by Das at 10 in the morning.
The precious metal has now lost Rs 280 in last three days.
There's an average aggregator premium of Rs 46 per dish (in hidden costs) compared to delivery orders placed on restaurants' own channels. Conservatively, this translates into an additional annual financial burden of at least Rs 12,000 for the average Indian household in major metro/Tier-I cities.
Gold prices recovered by Rs 85 to Rs 26,625 per 10 grams at the bullion market.
Gold drops Rs 110 on macro factors.
Silver, however, recovered by Rs 250 to Rs 36,000 per kg.
Gems & jewellery exports seen rising, too, as demand remains strong in all markets except Europe.
India's exports registered a steepest decline in 13-month falling 9.3 per cent in August to $34.71 billion due to global economic uncertainties, while the trade deficit soared to a 10-month of $29.65 billion. According to the government data released on Tuesday, imports increased by 3.3 per cent to $64.36 billion, which is a record high, due to a significant jump in the inbound shipments of gold and silver.
Traders said stockists buying for the marriage season amid a firm global trend mainly led the recovery in gold prices.
U K Sinha said the equity market also helps in the growth of the Indian economy as the money invested in equities is utilised for infrastructure-building
Traders said some buying by jewellers and retailers and a firm trend in Asian region mainly kept gold prices steady.
Traders said heavy selling by stockists against fall in demand at prevailing higher levels mainly kept pressure on gold prices.
Traders said apart from buying by retailers for the coming festive season, a better trend in the global market mainly led to rise in gold prices.
Investing (or not investing) in gold may be a function of whether you're betting on or against the global economy.
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 is a good bet to invest when the market are sideways and their is uncertainty," SMC Global vice president Rajesh Jain said.
India's gold import bill, estimated at $3 billion in May, is seen falling further this month
The government was also faced with problems on its balance of payments. It took steps to conserve declining foreign exchange reserves, and began to regulate the production, supply and distribution of gold. It banned forward trading in the yellow metal in November 1962, and introduced gold bonds as well, reveals the RBI's annual report for the year ending June 1963.
Regular investment in gold-linked financial instruments will safeguard against price fluctuation and do away with storage cost.
Smuggled gold, which is selling sharply lower than the spot market price, is also responsible for discounts not ending. Some consumers are selling high amounts of gold.
In Zaveri Bazar, gold is being traded at Rs 26,920/10 gm
Import bill for September rises to $3.5-4 billion as traders and retailers stock up the precious metal.
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.
On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 270 each to Rs 31,370 and Rs 31,170 per ten grams, respectively, after losing Rs 625 on Monday.
Gold prices recovered by Rs 100 to trade at Rs 27,200 per 10 gm at the bullion market.
Gold prices are seen heading northwards on improved demand.
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