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.
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.
Globally, gold fell 0.2 per cent to $1,162.25 an ounce in Singapore.
Silver followed suit and shed Rs 100 to Rs 36,050 per kg.
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.
However, silver held steady at Rs 42,600 per kg on scattered enquiries from industrial units.
Gold plunged sharply to hit a three-month low.
Standard gold and ornaments dropped by Rs 500 each at Rs 11,950 and Rs 11,700 per 10 gram respectively. Sovereign fell by Rs 50 at Rs 10,450 per piece of eight gram.
The rupee was trading lower at Rs 61.38 after dipping to 61.74 (intra-day).
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.
Silver also advanced by Rs 200 to Rs 36,500 per kg.
Gold prices on Monday drifted by Rs 105 to trade at a three-week low of Rs 27,225 per ten grams.
Irrespective of the global movement, gold prices in India are nearing the level of Rs 34,000 per 10 grams in the physical markets.
Silver also drifted by Rs 450 to Rs 37,650 per kg.
Gold in Singapore advanced as much as 1 per cent to $1,202.08 an ounce.
Silver also drifted by Rs 600 to Rs 39,100 per kg.
Gold prices surged by Rs 150 to trade at fresh three-month high of Rs 27,575.
The precious metal has now lost Rs 280 in last three days.
In India, domestic airlines have not secured any relief from the government and are reporting 50-55 per cent loads as domestic air travel resumed on May 25 after two-month suspension.
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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.
Traders said sentiment turned bearish on emergence of stockists selling at existing higher levels amid weak global trend as improving economic growth reduced demand for the precious metals as an alternate investment.
Traders said sentiment turned weak largely in tandem witha weak trend overseas where gold fell to 8-month low after the Federal Reserve raised its interest-rate forecasts this week, strengthening the dollar, reduced the metal demand.
Silver also rose further by Rs 100 to Rs 37,600 per kg.
Gold remained higher by adding another Rs 70 to Rs 27,550 per ten grams at the bullion market on Tuesday.
Gold prices on Friday fell by another Rs 25 to Rs 27,225 per ten grams at the bullion market in the national capital due to slackened demand at prevailing levels from jewellers and retailers amid a weak trend overseas.
Bullion merchants said apart from subdued demand from jewellers and retailers despite ongoing festive season, a weakening global trend where gold eased to over one-week low as investors weighed the health of the global economy against tension between Ukraine and Russia, mainly weighed on precious metal prices.
The precious metal had gained Rs 1,240 in the last eight days.
Two aborted missions, three different ministers, multiple rule changes and two decades later, Indian taxpayers will no longer have to pay Rs 20 crore per day to keep the loss-making Air India flying. While opposition Congress expectedly attacked the decision as selling the family silver, DIPAM secretary Tuhin Kanta Pandey said what Tata is getting is not a cash cow but an airline which is bleeding where money needs to be pumped in to refurbish obsolete aircraft and dust up strangled ones while being unable to touch any employee for one year and only be able to resize staff after paying a VRS. "It won't be a very easy task there. Only advantage is they (new Air India owner) are paying the price which they think they can manage. "They are not taking the excessive debt accumulated to fund years of losses. We are continuing it as an ongoing concern.... This process has also saved huge amount of taxpayers money going forward," Pandey told PTI.
In Mumbai, gold traded higher at Rs 30,330 per 10 grams and silver traded lower at Rs 44,400 per kg.
In 2013, the fall in international gold prices was 28 per cent.
The prices of yellow metal declined despite the ongoing token buying for the auspicious festival of Dhanteras.
Traders said besides reduced offtake at existing higher levels, weak trend in global markets mainly kept pressure on the prices of precious metals.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
Traders said slackened demand at prevailing higher levels amid a weak global trend mainly kept gold prices while silver recovered on some buying from industrial units.
Traders said reduced offtake by stockists and retailers at existing higher levels amid a weak global trend as US economic data reinforced concern that the Fed will begin trimming stimulus measures, curbing demand for precious metals as a haven, mainly pulled down the bullion prices.
Snapping its four-day losing streak, gold rebounded by Rs 100 to Rs 27,070 per ten grams at the bullion market on Wednesday.
The Reserve Bank of India (RBI) on Friday kept key repo rate unchanged at 4 per cent in view of rising inflation and faint signs of economic growth amid gradual lifting of coronavirus (COVID-19) lockdown. The central bank's newly-constituted monetary policy committee (MPC) began its three-day meeting on October 7 and maintained the stance as accommodative. It also kept the reverse repo rate unchanged at 3.35 per cent.
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