Demand for gold is likely to pick up Friday across India on Dhanteras day, considered to be an auspicious day for buying the yellow metal.
Gold added to its sparkle as the price surged Rs 215 to Rs 30,715 per 10 grams Wednesday following increased buying activity driven by the ongoing festive and wedding season demand amid a rising overseas trend.
Gems and jewellery retailers are expecting around 25 percent growth in sales during Dhanteras, considered auspicious to buy precious metal, compared to last year due to good monsoon and pent up consumer demand, experts say.
Gold prices bounced Rs 85 to Rs 30,500 per 10 grams Tuesday following uptick in festive and wedding season demand from jewellers and retailers at the domestic spot market amid signs of a strong global trend.
The issue price of the bond had been fixed at Rs 2,957 per gram of gold.
Failing to extend its 3-day winning stream, gold fell by Rs 140 to Rs 30,400 per 10 grams Friday amid a weak trend overseas and weak demand from jewellers.
The government will launch the sixth tranche of Sovereign Gold Bonds (SGB) scheme on October 24, in which people can buy securities worth up to 500 grams.
Gold price rose for the third consecutive day on Thursday and ended up by Rs 160 at its two-week high of Rs 30,540 per 10 grams on jewellers buying, tracking a firming trend overseas.
The gem and jewellery industry has sought GST of 1.25 percent from the government for the sector besides zero duty on rough diamond imports, cut and polished diamonds exports and coloured gemstones.
Gold prices advanced further by Rs 55 to Rs 30,380 per 10 grams Wednesday, supported by positive global cues amid wedding season buying by jewellers in the domestic spot market.
Gold prices moved up by Rs 75 to Rs 30,325 per 10 grams at the bullion market Tuesday, riding on firm global cues and increased buying by jewellers.
Gold is likely to recover to above USD 1,300 an ounce next year as a pickup in physical demand counters more potential US rate increases, a Reuters poll at an industry event showed.
Silver prices recovered by Rs 50 to Rs 42,250 per kg at the bullion market on Monday, tracking a firm trend overseas amid increased offtake by consuming industries at domestic spot market.
Gold continued to slide for the second straight day on Saturday as prices fell by Rs 50 to Rs 30,250 per 10 grams at the bullion market, tracking a weak global trend amid tepid demand from jewellers.
Gold imports fell 10.3 percent to USD 1.80 billion in September due to sliding prices of the metal in both global and domestic markets.
Silver also dropped by Rs 275 to Rs 42,350 per kg due to reduced offtake by industrial units and coin makers.
Gold traded within a narrow range throughout the week, after falling nearly 5 percent in the previous week.
Investors pulled out Rs 77 crore from gold exchange-traded funds (ETFs) in September, taking the total withdrawal to Rs 539 crore in the first six months of the current fiscal.
Gold prices are likely to stay firm in the range of Rs 30,500-Rs 33,500 per 10 grams in the backdrop of global political and financial risks, says a study by industry body Assocham.
Snapping its four-day falling streak, gold rebounded by Rs 170 to trade at Rs 30,410 per 10 grams at Delhi bullion market Monday.