Chief Minister C Joseph Vijay-led Tamilaga Vettri Kazhagam government on Wednesday allotted over Rs 1,000 crore to provide gifts of gold coin, ring and milch cows to beneficiaries to fulfill the election promise made by the party ahead of the assembly election this year.
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The trigger for international gold prices rising to $3,000 per ounce was Germany's upcoming heavy government borrowing.
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Silver also rose 0.8 per cent to $16.63 an ounce.
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.
Traders said continued buying by stockists driven by ongoing marriage season mainly led to rise in gold and silver prices.
Gold, a safe-haven bet, is likely to continue its record-smashing journey in the New Year, rising to Rs 85,000 per 10 grams and even Rs 90,000 level in domestic markets if geopolitical tensions and global economic uncertainties continue.
Traders attributed the rise in gold prices to increased buying by stockists and retailers to meet the wedding season demand.
A WGC survey says that there is no dearth of gold demand, but there is lack of trust among prospective gold buyers, not only in India but globally.
Concern would kick in if imports stay at or over 100 tonnes a month.
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Traders said the precious metals remained in demand for the ongoing festivals and marriage season, while silver rose on industrial units and coin makers demand.
Traders said stockists buying for the marriage season amid a firm global trend mainly led the recovery in gold prices.
Gold prices spurted on the bullion market on Wednesday on the emergence of buying by stockists triggered by a rising trend in international markets and closed with notable gains.
Gold prices surged by Rs 650 to Rs 31,200 per ten gram on heavy purchases by stockists and retailers for the marriage season and approaching 'Diwali' festival.
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.
Traders said some buying for the marriage season mainly helped gold prices to recover.
Gold in London, which normally sets price trend in the domestic markets, rose by 0.1 per cent to $1,313.42 an ounce on speculation the US Federal Reserve may further cut monetary stimulus, raised demand for the metal as a safe haven.
Silver also rose further by Rs 100 to Rs 37,600 per kg.
Traders said stockists buying for the ongoing marriage season mainly led the recovery in gold and silver prices.
Silver, however, fell for the third straight session by losing Rs 200 to Rs 43,800 per kg on lack of buying support from coin makers and industrial units.
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In Mumbai, gold of 99.9 and 99.5 per cent purity rebounded by Rs 170 and Rs 190 to Rs 30,650 and Rs 30,520 per ten grams, respectively. Silver jumped by Rs 1,050 to Rs 46,800 per kg.
Traders said fresh buying by stockists for the ongoing marriage season mainly led to a recovery in gold and silver prices.
Silver also recovered Rs 600 to Rs 45,200 per kg on increased offtake by industrial units and coin makers.
Silver ready rose by Rs 100 to Rs 37,000 per kg.
Traders said sustained buying by stockists to meet the festive and marriage season demand mainly helped gold prices to extend gains for the second session.
On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 625 each to Rs 31,750 and Rs 31,550 per ten gram, respectively. Sovereign followed suit and rose by Rs 200 to Rs 25,100 per piece of eight gram.
Traders said sustained buying by stockists and retailers for the marriage season amid a firm global trend where gold rallied on signs of increasing demand as holdings in the biggest exchange-traded product expanded the most since 2011, mainly bolstered the sentiment.
Traders said gold prices surged on hectic buying by stockists for the marriage season and weak rupee against the dollar, making the precious metal costlier.
On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 15 each to Rs 30,050 and Rs 29,850 per ten gram, respectively.
Extending gains for the third day, gold prices rose by Rs 300 to Rs 30,700 per ten gram in the national capital today on sustained buying by stockists for the ongoing marriage season amid a firming global trend.
Snapping its four-day losing streak, gold rebounded by Rs 100 to Rs 27,070 per ten grams at the bullion market on Wednesday.
Traders said increased buying by stockists and retailers for the ongoing marriage season amid a firming global trend, as escalating tensions between Ukraine and Russia spur demand for haven assets, mainly led the rise in precious metal prices.
In Mumbai, gold traded higher at Rs 30,330 per 10 grams and silver traded lower at Rs 44,400 per kg.
Gold crossed the all-time high level of Rs 29,000 while silver coins touched the record Rs 68,000 mark in the bullion market here on strong demand propelled by ongoing marriage season and deepening financial worries.
However, silver remained under selling pressure for the sixth straight session and shed Rs 30 to Rs 43,470 per kg.
Traders attributed the rise in the precious metal prices to emergence of buying at prevailing levels by stockists and retailers to meet the ongoing marriage season demand.
Silver also recovered by Rs 200 to Rs 37,000 per kg.
