Gold prices recovered by Rs 20 to Rs 26,900 per ten grams at the bullion market in New Delhi on Thursday on the back of wedding season demand from jewellers and retailers even as the metal weakened overseas.
Referring to the base year, the exchange said it was due to stability of shares prices and its proximity to the current period (launch date) prompted it to choose 1978 79 as the base year.
Silver followed suit and eased by Rs 225 to Rs 42,775 per kg on reduced offtake by industrial units and coin makers.
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.
Silver also dropped by Rs 400 to Rs 45,600 per kg on reduced offtake by industrial units and coin makers.
Silver traded lower by Rs 135 to Rs 36,750 per kg.
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The precious metal has lost Rs 100 in the past two days.
The recent round of sell-off is losing momentum and buying is again picking up due to firm marriage season demand.
Gold prices plunged by Rs 220 to Rs 27,350 per ten grams at the bullion market in New Delhi on Thursday, snapping a four-day rising streak, owing to slackened demand at prevailing higher levels amid a weak global trend.
Silver ready ruled flat at Rs 44,600 per kg, while weekly-based delivery shed Rs 80 to Rs 43,780 per kg on lack of speculators' buying support.
Dealers expect prices to fall further, owing to an impending rate hike in the US
In Delhi, gold of 99.9 and 99.5 per cent purity zoomed up by Rs 650 each to Rs 27,470 and Rs 27,270 per 10 grams respectively.
The meeting lasted for nearly two hours, sources said.
It was a year of stocks shining bright when it comes to adding to the investors' wealth, and the glitter of gold and silver fading for the second straight year in 2013.
Gold in Singapore, which normally sets price trend on the domestic front, traded at $1,316.40 an ounce from $ 1,316.58 on Thursday.
Gold on Tuesday eased by Rs 25 to Rs 27,450 per ten grams on favourable cues.
Given prices of the latter are at an all-time high, it makes sense to opt for cheaper precious metals.
The sentiment in gold remained bearish as the metal traded near its lowest level since September, 2010 in global markets.
Gold prices plunged on the bullion market in New Delhi on Wednesday on aggressive offloading by the stockists and traders, sparked by a sharp fall in overseas markets. Silver, too, met with frantic selling pressure due to the prevailing overall trend. Standard gold (99.5 purity) tanked by Rs 305 per ten grams to close at Rs 17,305 from overnight's closing level of Rs 17,610. Pure gold (99.9 purity) dropped by a similar margin to end at Rs 17,395 from Rs 17,700 on Tuesday.
On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 290 each to Rs 30,310 and Rs 30,110 per ten grams, respectively.
In the overseas markets, which normally sets price trend on the domestic front, gold traded a shade higher by 0.05 per cent to $1,319 an ounce and silver by 0.14 per cent to $20.93 an ounce in New York in Tuesday's trade.
The keenly-awaited Hexa is here, and sports many Tata firsts in its segment.
The imitation jewellery market, which is about Rs 8,000 crore, is expected to touch Rs 15,000 crore.
Traders said sustained buying by stockists helped gold prices to extend gains for the third straight session.
Gold prices went up by Rs 130 to Rs 26,930 per 10 grams at the bullion market in New Delhi on Monday on increased buying by jewellers and retailers amid ongoing wedding season demand.
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Traders said reduced offtake by retailers and jewellery fabricators at existing higher levels mainly kept pressure on the prices of both the precious metals.
Also, the import tariff value -- the base price at which customs duty is determined to prevent under-invoicing -- in case of silver has been reduced to $644 per kg from $694 per kg earlier, a notification by the Central Board of Excise and Customs said.
Bullion merchants said persistent rise in gold prices is mostly due to a firming trend in global markets as concerns over European economy mounted, spurring demand for safe-haven, and increased buying by jewellers to meet wedding season demand at domestic spot markets.
Traders said continued buying by stockists driven by ongoing marriage season mainly led to rise in gold and silver prices.
Sales of gold in the form of jewellery, coins and bars have risen 20-25 per cent over last year's festive season on the back of discount offers.
Silver also eased by Rs 200 to Rs 38,200 per kg on reduced offtake by industrial units and coin makers.
After a rally in gold that led to the international prices zooming to $1030 an ounce, will gold price reverse direction based on Wednesday's price level of $940?
The rising trend in silver continued to remain unabated in the bullion market on Monday as the metal surged further to close at an all-time high of Rs 10,155 pre kg due to thin supply after a steep rally in the global prices.
Resolution to the bad loans problem has to be incremental, and the RBI has to ensure NPAs are not swept under the carpet, HDFC chairman Deepak Parekh tells Joydeep Ghosh.
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Buying was restricted at higher levels.
Gold prices plunged by Rs 600 to Rs 26,500 per 10 grams in the national capital today after the precious metal slumped to the lowest level since 2010 in global markets as the strengthening dollar eroded demand for the commodity.
Traders said buying activity emerged for the ongoing marriage season as the metal remained weak in the previous session.
Ace discus thrower Vikas Gowda won the silver medal in the IAAF Diamond League Series in Doha, on Friday.
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