Bullion merchants said sustained buying by stockists and jewellers to meet the ongoing wedding season demand mainly kept gold prices higher.
Traders said some buying for the marriage season mainly helped gold prices to recover.
Customised, personalised products -- objects that are quirky, fun and completely unique -- are the current rage in gifting.
Dhanteras' buying seemed to have been sparked by the belief that prices would remain firm
Retailers, who are already reeling under the economic slowdown, were forced to keep their shops shut in the southern and central parts of Mumbai as terrorists holed up in plush hotels and buildings of the city continued to battle military commandos.
Gold in New York, which normally determine a price trend on the domestic front, fell 0.40 per cent to $1,233.70 an ounce in Tuesday's trade.
Extending its gains for the second straight day, gold prices rose by another Rs 100 to Rs 28,450 per ten gram in New Delhi on Monday on pick up in demand from jewellers even as the metal weakened overseas.
Globally, gold advanced 0.3 per cent to USD 1,179.35 an ounce in Singapore.
The gold prices on Tuesday dipped as low as Rs 11,000 per 10 gram, down nearly one-fifth from this year's high of Rs 13,650 scaled nearly a month-ago on July 15. The price has come close to its level seen during the Diwali season last year, when it stood at near Rs 10,500 per 10 gram. This year, Diwali falls on October 28.
The precious metal had gained Rs 325 in the previous two sessions.
Gold and silver have been shining bright in terms of adding to the investors' wealth compared with the other asset class -- stocks -- so far this year.
We invite Get Ahead readers to contribute tips on how to make a marriage work -- responses will be published next week!
Silver also recovered by Rs 500 to Rs 37,300 per kg.
We round off the week with some good, bad and ugly looks.
Gold remained higher by adding another Rs 70 to Rs 27,550 per ten grams at the bullion market on Tuesday.
Silver also eased by Rs 50 to Rs 38,800 per kg.
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.
Silver followed suit and recovered Rs 400 to Rs 34,100 per kg.
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Presenting 11 stunning bridal creations of the season!
Traders said emergence of buying at prevailing lower levels by jewellers and retailers ahead of the festive and wedding season, a firm global trend mainly led the recovery in precious metals.
Gold in New York, which mostly set the price trend on the domestic front, jumped up by $33.50, or 2.73 per cent to $1,262.60 an ounce and silver by 0.68 per cent to $16.96 an ounce in Thursday's trade.
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.
Silver also recovered by Rs 515 to Rs 36,750 per kg on increased offtake by industrial units and coin makers.
Silver also rose 0.8 per cent to $16.63 an ounce.
Banks have also been asked to keep records of all disbursals and drawers will have to submit a list person to whom payments will be made out of the funds
'A bit of foresight would have helped.' 'Isn't it common sense that this is sowing and wedding season?' 'The plan is indeed unquestionably revolutionary, but better preparedness could have avoided such teething troubles.'
Gold gained Rs 220 on Tuesday.
'Modi has said the poor are sleeping peacefully and the rich are buying sleeping pills.' 'The reality is the other way around.' 'Poor people are not able to sleep because of hunger.'
Akshay Kumar made a dashing appearance at the launch of men's fashion week in Mumbai.
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.
By tying gold imports directly to export volumes, India is effectively trying to cap how much bullion can be brought into the country, tightening supplies and driving up local prices.
At Priyanka Chopra and Nick Jonas's nuptials, the Adil Manuel Collective played funk, jazz and R&B for longer than planned that evening at the Umaid Bhawan Palace in Jodhpur. One of the couple's friends in the audience yelled: 'Are you guys even from India?' Adil Manuel offered to show her their passports.
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.
India's gold imports could pick up in the next few months after slumping 81 percent in June as falling prices spur buying, a government source said, adding to New Delhi's anxiety over a record-low rupee and a wide current account deficit.
India celebrated Dhanteras, the biggest gold buying festival, followed by Diwali, when scarcity of the yellow metal and high prices pushed consumers to buy silver and diamond jewellery.
In line with overall trends, silver ready recovered by Rs 150 to Rs 36,800 per kg and weekly-based delivery by Rs 175 to Rs 36,800 per kg.
Globally, gold in New York, which normally determines price trend on the domestic front, fell 1.18 per cent to $1,198.50 an ounce in Tuesday's trade as strengthening dollar curbed demand for the precious metal.
Jewellers sold huge quantities of precious ornaments at a premium of up to 50%.
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