Bullion traders attributed the rise in precious metal prices to emergence of buying by jewellers and retailers driven by ongoing 'Navratras', considered as an auspicious week for making new purchases according to Hindu mythology.
Gold fell by Rs 170 to Rs 31,680 per ten grams in the national capital on Monday on stockists selling on the back of sluggish demand amid weak global trend.
Traders attributed the rise in gold prices to increased buying by stockists and retailers to meet the wedding season demand.
Traders said sentiments turned bearish after gold fell to three-week low in global markets as a stronger dollar curbed demand after the Federal Reserve ended its asset-purchase programme because of an improving labour market.
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.
Gold price softens as demand dips.
Traders said sustained buying by stockists and investors shifting their funds from melting stocks to bullion mainly kept gold prices firm for the fourth-day.
Silver coins also spurted by Rs 1,000 to Rs 56,000.
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.
Traders said sustained selling by stockists against sluggish demand amid a weakening global trend, where gold dropped below $1,200 an ounce as the Federal Reserve scaled back monetary stimulus, mainly kept pressure on precious metals.
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Analysts worry that without more fundamental reforms, India will struggle to contain its record high current account deficit and hence support the rupee.
Silver, however, recovered by Rs 50 to Rs 36,800 per kg
Silver dropped by Rs 175 to Rs 34,550 per kg.
Silver also rose 0.8 per cent to $16.63 an ounce.
Silver climbed by Rs 600 to Rs 38,700 per kg.
Traders said brisk buying by stockists for the ongoing wedding season mainly led an upsurge in precious metal prices.
Silver also fell for the third day.
Traders said sustained buying by stockists in line with a firming global trend mainly boosted the sentiment.
Gold continued its upward trend for the sixth straight day and gained another Rs 190 to Rs 26,190 per ten gram at the bullion market on Thursday.
After Wednesday's rise, gold prices drifted by Rs 190 to close at Rs 27,610 per ten gram in New Delhi on easing demand from jewellers and retailers amidst a weak global trend.
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.
Traders said sustained selling by stockists against sluggish demand and weakening global trend mainly kept pressure on precious metals.
Silver also extended its rally for the eighth day.
Silver also rose for the third day by adding Rs 70 to Rs 55,500 per kg on increased offtake by industrial units and coin makers.
Buying was restricted at higher levels.
Traders said apart from increased buying by jewellers and retailers to meet seasonal demand, a firming trend in global markets on increased tensions in Ukraine and weakening dollar mainly influenced precious metal prices.
Silver eased by Rs 150 to Rs 37,100 per kg lacking necessary buying from industrial units.
Gold price recovered a bit on favourable cues from global markets.
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Silver also declined by Rs 75 to Rs 50,610 per kg on lack of buying support after steepest rise in last week.
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.
Gold in New York, which normally sets price trend on the domestic front, fell 0.46 per cent to $1,288.20 an ounce and silver by 0.84 per cent to $20.13 an ounce in yesterday's trade.
old tumbled by Rs 250 to over six-week low of Rs 26,150 at the bullion market today.
Silver also shot up by Rs 400 to Rs 34,400 per kg.
Traders attributed the rise in prices to higher demand of precious metals for the coming festivals like Rakshabandhan compared with supply, which has tightened because of fall in imports following government measures.
Traders said persistent selling by stockists in line with a weakening global trend after Federal Reserve Chairman Ben Bernanke signalled that the central bank may start curbing stimulus programme this year, mainly dragged gold and silver prices down.
Indian gold imports could spurt briefly higher during the current slack season if global prices fall, giving jewellers the opportunity to replenish depleted stocks, traders said on Monday.
Gold in New York, which normally sets price trend on the domestic front, fell 1.2 per cent to USD 1,207.70 an ounce silver by 2.9 per cent to USD 16.56 an ounce in yesterday's trade.
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Traders said heavy selling by stockists, triggered by a weak global trend, led to the fall in prices of gold and silver.
The precious metal had gained Rs 335 in the last two days.
Silver also recovered by Rs 200 to Rs 37,000 per kg.
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