Spot gold rose 0.2 percent to $1,350.51 an ounce at 0120 GMT. It hit a three-week high oft $1,361.76 on Friday.
Besides, pick-up in buying by local jewellers to meet the ongoing wedding season demand at domestic spot market supported the uptrend in gold.
Rising for the third day in a row, gold prices climbed by another Rs 135 to Rs 30,210 per 10 grams here today, tracking a firm trend overseas and increased buying by local jewellers.
To understand how significant the provisions of the Budget are, one must go back in the past where gold was largely been treated only as a commodity – albeit a precious one.
According to Sushil Finance, Gold prices rose on Tuesday as the U.S. dollar slipped and markets anticipated the release of impending U.S. inflation data that may offer some clues on the pace of future U.S. interest rate increases.
The outflow meant assets under management (AUM) of gold funds plunged by over 15 percent during the period under review to Rs 4,906 crore, from Rs 5,670 crore in the year-ago period.
Standard gold rose by Rs 125 to close at Rs 29,980 per 10 grams from Thursday's closing level of Rs 29,855.
Gold prices dropped for a third straight session on Thursday and hit a fresh four-week low, as investors liquidated their long positions on a firmer dollar, while expectations of more US rate hikes this year also weighed on the market.
According to Sushil Finance, Gold prices fell 1 percent to a 2 - 1/2 - week low on Tuesday, as investors focused on expectations for higher U.S. interest rates, even as U.S. stock markets swung wildly in both directions a day after the Dow and S&P 500 indexes tumbled.
The severity of fall in equities has rattled investors and there will be a move towards gold, say commodity experts.
"The demand was mainly driven by jewellery, which grew as GST stabilised, stock markets performed well and GDP growth leading to better economy and consumer sentiment, particularly in the rural areas, as the effect of demonetisation wore off," WGC Managing Director, India, Somasundaram PR told PTI.
Even as inflows into exchange-traded funds (ETFs) continued steadily throughout the year, it was 202.8 tonne, around one-third of 2016's inflows, which saw exceptional levels, it said.
The drop in purchases by India, the world's second-biggest consumer of gold after China, could weigh on global prices, which have risen over 7 percent in eight weeks.
According to Sushil Finance, Gold prices declined on Friday as the U.S. dollar ticked up against the euro after U.S. jobs data showed a robust rise in jobs and wages and 10 - year U.S. Treasury yields peaked.
According to Sushil Finance, Gold prices were nearly unchanged on Thursday as markets anticipated U.S. jobs data due at the end of the week for guidance on monetary policy for the remainder of the year.
The increase in customs duty on diamonds, precious stones and jewellery will give a boost to domestic manufacturing and promote ‘Make in India’
The lower import tax could boost India's gold demand and support global prices that are currently trading near their highest in 17 months.
According to Sushil Finance, Gold slipped back to a one - week low on Tuesday as markets braced for U.S. President Donald Trump's annual State of the Union address and news on U.S. monetary policy.
The most famous among all, bitcoin has been seeing a huge traction lately even as its prices have been extremely volatile, surging to close to USD 20,000 per unit a few weeks ago but only to fall below USD 10,000 soon after.
According to Sushil Finance, Gold prices fell on Monday as a recovery in the U.S. dollar and rising government bond yields prompted investors to cash in bullion after its sixth weekly price rise in seven weeks. U.S Treasury yields hit multiyear highs on expectations that central banks around the world would reduce stimulus as economies improve.
Gold prices drifted lower by 0.30 percent to Rs 29,969 per 10 grams in futures trade as speculators indulged in profit-booking at prevailing levels amid a weak trend overseas.
Gold prices declined by Rs 80 to Rs 31,120 per 10 grams at the bullion market today amid a weak global trend and slackened demand from local jewellers.
Gold prices inched higher early on Monday as the US dollar hovered around three-year lows, trading not far off more than 17-month highs hit last week.
Bullion traders said a fall in demand from local jewellers and retailers at existing levels at the domestic spot market mainly pulled down gold prices but a firm trend overseas capped the fall.
The biscuits were valued at over Rs 1.26 crore, the police said adding that the two passengers were arrested.