They help diversify portfolio and are less risky.
The government on Tuesday slashed the import tariff value on gold and silver to $59 per 10 grams and $ 470 per kg respectively, following weak global cues.
Silver also fell further by Rs 150 to Rs 34,200 per kg.
In the national capital, gold of 99.9 and 99.5 per cent purity were up by Rs 150 each to Rs 28,500 and Rs 28,300 per 10 gram respectively.
Traders said profit-selling by stockists at prevailing higher levels against sluggish demand mainly led to decline in gold prices.
Bullion merchants said sustained buying by stockists and jewellers to meet the ongoing wedding season demand mainly kept gold prices higher.
Traders said some buying for the marriage season mainly helped gold prices to recover.
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.
Traders said some buying by jewellers and retailers and a firm trend in Asian region mainly kept gold prices steady.
Gold in Singapore, which normally sets price trend on the domestic front, rose 0.3 per cent to $1,199.65 an ounce.
The gold prices surpassed all previous records as they spurted by Rs 145 to Rs 19,470 per ten grams, on increased buying by jewellers and retailers to accomodate the seasonal demand for upcoming festival and marriage season beginning next month.
Gold prices recovered by Rs 50 to Rs 26,800 per 10 grams at the bullion market on Friday.
The gold prices fell by Rs 360 to Rs 19,960 per 10 grams, a level last seen on November 4, while silver tumbled Rs 950 to Rs 41,700 per kg on fall in demand among jewellers at existing high levels.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
Marketmen said some buying by stockists and jewellers to meet the festive season demand mainly influenced gold prices but a weak trend in overseas markets capped the gains.
Gold is a good bet to invest when the market are sideways and their is uncertainty," SMC Global vice president Rajesh Jain said.
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Silver also fell sharply by Rs 550 to Rs 38,000 per kg.
For last fortnight, the tariff value of gold was fixed at $382 per 10 grams and silver at $516 per kg.
India retains its number one position in gold consumption in 2009, recording a total demand of 405.8 tonnes.
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.
Traders said sentiment turned distinctly weak after gold prices slumped in global markets as Swiss voters rejected a plan for their central bank to accumulate bullion and oil extended its decline to five-year low, curbing demand for the precious metal.
gold prices fell by Rs 210 to Rs 26,600 per 10 grams.
Globally, gold was trading 0.35 per cent lower at $1,267.20 an ounce in Singapore.
Silver, however, remained steady at Rs 37,200 per kg.
Amid volatility in equity markets, gold prices may touch a record level of Rs 20,000 per 10 grams in the near future with traders preferring to park their money in safe havens such as the precious metal, analysts said.
Silver also recovered by Rs 250 to Rs 37,300 per kg.
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Gold companies have started reducing production. This implies that gold prices will not go on a free fall anytime soon
Silver, however, recovered by Rs 50 to Rs 36,800 per kg
Gold prices fell by Rs 50 to Rs 27,800 per ten grams in special Diwali trading in New Delhi on Thursday largely in tandem with a weakening global trend.
Snapping its losing streak, gold prices recovered by Rs 40 to Rs 27,240 per 10 grams in New Delhi on Wednesday on emergence of buying at existing lower levels amid a better trend in global markets.
Silver climbed by Rs 600 to Rs 38,700 per kg.
Silver also rebounded by Rs 570 to Rs 38,100 per kg on increased offtake.
With gold scaling all-time high levels and now trading at $1,241 per ounce, questions arise whether this is the right time to book profit from investment in gold or time to invest more.
Gold prices on Monday drifted by Rs 105 to trade at a three-week low of Rs 27,225 per ten grams.
Indian markets may see some weakness in stocks post Fed hike.
Silver ready rose by Rs 350 to Rs 33,850 per kg.
Gold prices are likely to decline further to around Rs 24,500 per 10 grams by December if the rupee continues to rule at the current level.
You can use gold as a financial instrument to diversify your portfolio into hedging against uncertainties in the market, but for ambitious returns, you must explore opportunities in other asset classes such as equities, debts and real estate, says Adhil Shetty, CEO, BankBazaar.com.
Continuing its rising streak for the third day, gold prices advanced by Rs 130 to Rs 27,470 per ten grams in the national capital on Wednesday on increased buying by jewellers and retailers amid ongoing festive season even as the metal weakened overseas.
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