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.
Gold advanced one per cent to $1,212.21 an ounce in Singapore.
The precious metal had gained Rs 435 in the previous three sessions.
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.
Increase in gold imports pushed the country's trade deficit to a five-month high of $ 15.33 billion in April.
Let's take a look at divisible gold bars at a refiner and bar manufacturer in Swiss town of Balerna.
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.
Silver also recorded a steep fall of Rs 1,550 to Rs 34,450 per kg.
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Bullion merchants said apart from sustained buying by jewellers and retailers to meet rising wedding season demand, a firming global trend mainly boosted the sentiment.
Silver followed suit and recovered Rs 400 to Rs 34,100 per kg.
Bullion traders said subdued demand at current levels and a weak global trend mainly pulled down both gold and silver prices.
Silver also remained under selling pressure.
Silver met with resistance at prevailing levels.
The sharp increase in commodity prices on account of the Russia-Ukraine war has put automakers in a fix. After the frequent price hikes in the current fiscal, manufacturers fear that any more price increases may further dent the already weak demand in certain segments. "We have taken several hikes and cannot immediately do it again. "We will have to closely watch the situation and act accordingly," said an official at an auto firm, declining to be identified. Even for companies like Tata Motors Passenger Vehicles, which has had a strong volume run and a robust order book, passing on the entire costs has been tough.
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.
'If one believes that the Indian stock market will go up 70 per cent every year for the next 10 years, I wish you good luck!'
In the imports bracket, India was the United States' 11th largest supplier of goods in 2017
Last year on Dhanteras, the precious metal stood at Rs 31,400 per 10 grams.
Silver also spurted by Rs 1,800 to Rs 44,900 per kg on increased offtake by industrial units and coin makers.
Silver also found buying support and gained Rs 150 to Rs 37,350 per kg.
Globally, gold fell by 1.32 per cent to $1,125.40 an ounce and silver by 3.98 per cent to $14.11 an ounce in New York in yesterday's trade.
Gold prices maintained its upward journey for the second day with a gain of another Rs 180 to Rs 27,300 per 10 gm on Monday.
Silver recovered by Rs 100 to Rs 36,950 per kg.
Silver also recorded a sharp fall of Rs 1,000 to Rs 37,400 per kg.
The adverse impact on the margins of auto, consumer staples and consumer durables sectors will be counterbalanced by an earnings uptick in the metals, cement and oil & gas sectors.
Irrespective of the global movement, gold prices in India are nearing the level of Rs 34,000 per 10 grams in the physical markets.
The rule required firms to mandatorily export 20 per cent of the gold they had imported.
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.
Silver also dropped Rs 560 to Rs 36,440 per kg.
While gold gained Rs 320 to Rs 30,545 per ten gram after losing Rs 585 in last four sessions, silver recovered by Rs 390 to Rs 49,330 per kg, snapping Rs 2,260 losses of four days.
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Silver also recorded a significant rise of Rs 950 to Rs 38,750 per kg.
Silver also reclaimed the Rs 34,000 per kg mark.
Jiaolong, China's manned submersible, has descended to a depth of 3,117 meters in the northwestern Indian Ocean and collected variety of precious metals.
Jewellers across the country will go on a 'token strike' on August 23 against the "arbitrary implementation" of mandatory hallmarking of gold jewellery, All India Gem and Jewellery Domestic Council (GJC) said on Friday. The strike will be supported by 350 associations and federations from all four zones of the entire gems and jewellery industry, the GJC claimed. Mandatory gold hallmarking has come into force from June 16 in a phased manner. The government has identified 256 districts from 28 states and union territories for the phase-1 implementation.
Indian demand fell 26 percent to 190.3 tonnes in the first quarter of 2014 from the same period a year earlier.
India is scrambling to crack down on a new gold smuggling tactic that it fears could accelerate a flood of illegal imports of the precious metal into the world's second-biggest buyer.
In 2013, the world gold exports were $283 billion approximately.
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 Commerce and Industry Ministry is pitching for easing of the gold import restrictions to boost gems and jewellery exports
India's major import items from UAE include petroleum and petroleum products, precious metals, stones, gems, jewellery, minerals and chemicals
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