Globally, gold climbed $12.10, or 1 per cent, to $1,220.40 an ounce.
After falling for three straight days, gold prices recovered by Rs 50 to Rs 26,700 per ten grams at the bullion market on Friday.
Silver was also up by 1.63 per cent to $15.92 an ounce.
Silver also surged by Rs 1,050 to Rs 35,500 per kg on increased offtake by industrial units and coin makers.
Gold prices in India have been escalating very fast of late and in the last week of April, it scaled a new peak by adding Rs 50 to a record price of Rs 22,520 per 10 grams.
Gold prices fell by Rs 30 to Rs 27,160 per 10 grams at the bullion market on Saturday.
India's gold imports, which have a bearing on the country's Current Account Deficit (CAD), rose 6.4 per cent to $12.9 billion during April-July this fiscal due to healthy demand, according to government data. The imports stood at $12 billion during the same period a year ago. In July 2022, however, imports of the precious metal fell sharply by 43.6 per cent to $2.4 billion, as per the latest data released by the commerce ministry.
Silver also eased by Rs 320 to Rs 35,780 per kg.
Silver coins continued to be traded at last level of Rs 48,000.
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.
Snapping its two-day losing streak, gold prices on Wednesday rebounded by Rs 120 to Rs 28,420 per ten grams at the bullion market in New Delhi on revival of buying by jewellers to meet ongoing wedding season demand even as metal retreated overseas.
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Globally, gold lost 0.4 per cent to $1,274.19 an ounce in Singapore.
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Silver, however, found some buying support.
Silver also eased by Rs 150 to Rs 41,700 per kg.
Silver also remained under selling pressure.
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Silver also edged higher by Rs 100 to Rs 36,100 per kg.
Globally, gold rose 0.83 per cent to $1,290.90 an ounce and silver was up 0.79 per cent to, $17.92 an ounce in London in early trade on Tuesday.
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In line with overall trends, silver ready traded lower by Rs 350 to Rs 36,950 per kg and weekly-based delivery by Rs 480 to Rs 36,945 per kg.
Given prices of the latter are at an all-time high, it makes sense to opt for cheaper precious metals.
Gems and Jewellery Export Promotion Council (GJEPC) has urged the government to reduce import duty on gold to 4 per cent from 7.5 per cent and a special package for the sector in the forthcoming Budget to boost shipments. As part of its pre-Budget recommendations, the council has also suggested a reduction in the import duty on cut and polished diamonds; cut and polished precious and semi-precious gemstones from 7.5 per cent to 2.5 per cent. "If (gold) imported at 4 per cent duty rate....working capital amounting to Rs 225 crore would be blocked instead of Rs 500 crore," the council said in a statement.
Silver followed suit and recovered Rs 400 to Rs 34,100 per kg.
The precious metal is understood to have arrived in large quantities through official channels, including direct import by export-oriented units, in the last week of March.
Traders said reduced offtake by stockists at prevailing higher levels and sluggish demand mainly kept pressure on both gold and silver prices.
Gold price in Mumbai's physical market on Friday fell 31.1 per cent or Rs 1,351 to close at Rs 41,848 per 10 gramme. Friday's fall in per cent terms is worst after November 2015 and, in absolute terms, the worst after August 2013. Silver prices fell Rs 2,255 to close 5 per cent lower at Rs 43,085 per kg on Friday.
Lower imports has helped narrow trade deficit to $9.92 billion in January from $18.7 billion.
Traders said sluggish demand due to ongoing 'Sharads', an inauspicious fortnight in Hindu mythology to make fresh purchases, mainly kept the precious metals lower.
The government and the Reserve Bank had also imposed certain other restrictions on its shipments, including linking of imports to exports to prevent outgo of the foreign exchange.
Gold has been a valuable and highly sought-after precious metal for coinage, jewellery, and other arts since long before the beginning of recorded history.
The precious metal had gained Rs 335 in the last two days.
Traders said the fall in gold prices was mostly in line with a weak trend in the global markets as signs of easing tensions in Ukraine curbed demand for the precious metal as a haven.
Silver also rose further by Rs 100 to Rs 37,600 per kg.
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No form or requisition slip is required for exchange of Rs 2,000 notes up to a limit of Rs 20,000 at a time as part of exercise to withdraw high-value currency notes from circulation. RBI on Friday in a surprise move announced withdrawal of Rs 2,000 currency notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks. Unlike the November 2016 shock of demonetisation, when old Rs 500 and Rs 1,000 notes were invalidated overnight, the Rs 2,000 notes will continue to be a legal tender.
The precious metal had gained Rs 435 in the previous three sessions.
