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.
Traders said some buying activity by jewellers and retailers mainly kept gold prices steady.
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.
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.
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.
The slide in gold continued for the second straight day, with prices tumbling by Rs 200 to Rs 28,100 per ten gram at the bullion market on Friday largely in tandem with a weakening trend overseas amid low demand from jewellers.
Traders said stockists buying for the ongoing marriage season mainly led the recovery in gold and silver prices.
Traders said in the absence of buying support from jewellers and retailers on expectations that prices will come down in coming days mainly kept gold prices steady.
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Traders said some local buying mainly helped both gold and silver prices to recover some ground.
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.
Silver also eased by Rs 150 to Rs 41,700 per kg.
Gold prices remained steady for the second straight day at Rs 27,250 per 10 grams at the bullion market on Tuesday.
Extending losses for the third straight day, gold prices dropped Rs 220 to Rs 31,710 per ten gram in New Delhi on Wednesday on sustained selling by stockists amid sluggish demand coupled with weakening global trend.
Gold prices are seen heading northwards on improved demand.
The technology-driven futures trading in gold and silver would fulfill its objectives only if poor farmers and small goldsmiths benefit from it, Sharad Yadav, minister for consumer affairs, food and public distribution, said in New Delhi on Friday.
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.
Gold prices fell by Rs 30 to Rs 27,160 per 10 grams at the bullion market on Saturday.
Silver managed to recover some grounds.
The yellow metal fell by Rs 115 to Rs 26,715 and silver lost Rs 400 to Rs 40,350 per kg.
Silver also declined by Rs 250 to Rs 35,400 per kg on reduced offtake by industrial units.
Gold drifted lower by Rs 200 to trade at one-week low of Rs 31,050 per ten grams.
Traders said besides scattered buying by stockists and retailers to meet the ongoing wedding season demand, a firming global trend where gold advanced to almost three-week high as escalating tension in Ukraine increased demand for a haven, mainly influenced the sentiment in New Delhi.
Gold in New York, which normally determine a price trend on the domestic front, fell 0.40 per cent to $1,233.70 an ounce in Tuesday's trade.
A similar trend was witnessed in Mumbai as gold declined on fresh selling while silver held steady in limited deals.
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 rose on the bullion market in New Delhi on Monday on emergence of buying by investors amid purchasing by stockists, as funds got diverted from falling equity markets.
Traders said increased buying by stockists in line with a firm global trend, as investors awaited the US jobs report and the impact on the monetary stimulus, mainly boosted the sentiment.
The government on Monday slashed import tariff value on gold and silver to $408 per 10 grams and $617 per kg respectively, in view of weakness in bullion prices globally.
Silver also surged by Rs 1,050 to Rs 35,500 per kg on increased offtake by industrial units and coin makers.
Traders said apart from subdued demand from jewellers and retailers, a weakening global trend on easing of tensions in Ukraine mainly kept pressure on gold prices.
Silver also traded lower by Rs 100 to Rs 37,200 per kg.
Silver held steady at Rs 37,300 per kg.
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.
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 traded lower by Rs 135 to Rs 36,750 per kg.
Silver coins shot up by Rs 1,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.
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Gold slumped by Rs 260 at the domestic bullion market on Thursday due to a fresh wave of profit taking by investors and traders amid reduced stockist demand.
Subdued demand from jewellers in the domestic market and shifting of funds towards the surging stock markets also weighed on gold prices.
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.
In domestic market, gold prices had peaked to Rs 39,011 per 10 grams in September and are now ruling at Rs 38,800 per 10 gram.
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