Gold in New York, which normally sets price trend on the domestic front, rose by 0.90 per cent to $1,326.90 an ounce and silver by 0.43 per cent to $20.96 an ounce on Monday night.
Traders said some buying for the marriage season mainly helped gold prices to recover.
Gold plunged by Rs 340 to Rs 30,660 per ten grams in the national capital on Friday on fall in demand amid a steep decline in the global markets.
Traders said stockists selling against sluggish demand at prevailing higher levels amid weak global trend mainly kept pressure on precious metals.
While gold prices declined by Rs 340 to Rs 30,200 per ten gram, silver dropped by Rs 540 to Rs 48,455 per kg on reduced offtake by jewellers and coin makers.
The total number of unique investors directly investing in the stock market has surged to 80 million for the first time, with the latest 10 million additions taking place in just eight months, according to data shared by the National Stock Exchange (NSE), the country's largest bourse. "The 80 million unique PAN (permanent account number) investors correspond approximately to around 50 million unique households in India amounting to around 17 per cent households directly investing in the Indian stock market via NSE's extensive nationwide network of trading members," said the exchange. In 2021, the number of domestic households were pegged at 300 million.
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.
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.
Silver remained under selling pressure and lost Rs 200.
Thomson Reuters Proprietary Research study pointed to a strong momentum for gold over the medium term, identifying strong global liquidity and low interest rates as support for a continued rally.
Bullion traders said sustained buying by jewellery fabricators and retailers to meet the festive season demand mainly kept precious metal prices higher.
Globally, gold gained 0.4 per cent to $1,098.62 an ounce and silver gained 0.9 per cent to $14.95 an ounce in Singapore.
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 line with overall trends, silver ready recovered by Rs 150 to Rs 36,800 per kg and weekly-based delivery by Rs 175 to Rs 36,800 per kg.
Silver also dropped by Rs 300 to Rs 38,400 per kg.
Spot gold was up 0.6 percent at $1,103.60 an ounce by 0318 GMT, after an early low of $1,096.65.
Gold prices staged a smart rebound to surpass the psychologically important Rs 28,000 milestone.
Silver followed suit, which traded lower by Rs 260 to Rs 38,540 per kg.
Gold for August delivery jumped $8.70 to settle at $1,292.90 an ounce on the Comex division of the NYMEX late on Friday.
Traders said slackened demand from jewellers and retailers and absence of cues from the global markets as US market are closed today on account of 'Labor Day', kept pressure on gold prices.
Gold in London, which normally sets price trend on the domestic front, fell by 0.1 per cent to $1,314.99 an ounce and silver by 0.3 per cent to $20.91 an ounce.
The upsurge was further supported by a firming global trend.
Traders attributed the recovery in gold prices to fresh buying by jewellers to meet festive season demand and a firming global trend as investors weighed tension over Ukraine.
Traders said sentiment in gold remained bearish as the metal extended a decline from the highest level in more than three months in global markets amid expectations that Federal Reserve minutes will show policy makers backing further stimulus cuts.
Gold prices plunged by Rs 220 to Rs 27,350 per ten grams at the bullion market in New Delhi on Thursday, snapping a four-day rising streak, owing to slackened demand at prevailing higher levels amid a weak global trend.
Silver, however, found some buying support.
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.
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 edged higher by 0.19 per cent to $1,225.80 an ounce
The precious metal had gained Rs 435 in the previous three sessions.
Silver also traded higher by Rs 250 to Rs 41,000 per kg on increased offtake by industrial units.
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.
A drop in demand from local jewellers and retailers at current levels weighed on the prices
Gold in London, which normally sets price trend on the domestic front, fell 0.6 per cent to $1,311.65 an ounce.
Silver also dropped by Rs 400 to Rs 35,650 per kg.
Globally, gold prices slipped by 0.26 per cent to $1,246.20 an ounce in early trade in London.
Traders said increased buying by stockists and retailers mainly kept gold prices remain higher for the third day.
Gold demand in Mumbai has declined by 50 per cent during the last three days to approximately 500 kg compared with one tonne during the normal season.
However, silver rose for the third straight session by adding Rs 375 to Rs 48,800 per kg on increased offtake by industrial units and coin makers.
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.
