While standard gold price closed at Rs 39,083/10 g, silver ended the day at Rs 46,665/kg
Being a price-sensitive market, inflation in gold prices affect consumer sentiments and results in postponement of purchases by customers
The metal has risen by as much as 24% in 2019, while silver is up 22%
Data from the World Gold Council shows that 14 central banks, including the RBI, have reportedly added more than one tonne to their reserve.
During the reporting week, gold reserves increased by USD 164 million to USD 27.132 billion
Gold-silver ratio indicates more upsurge possible for the white metal
Spot gold was up 0.3% at $1,489.75 per ounce by 1233 GMT, having earlier hit $1,492.79, its highest since November 6
Silver also zoomed Rs 943 to Rs 47,146 per kg compared to the previous close of Rs 46,203 per kg
Silver prices declined by Rs 65 to Rs 45,485 per kg against the previous close of Rs 45,550, HDFC Securities said
Speculators slashed their bullish positions in COMEX gold contracts in the week to Dec. 10
Illegal inflows have jumped after the Indian government increased import taxes in July and prices surged to record highs in September.
US President Donald Trump has days to decide whether to impose tariffs on nearly $160 billion worth of Chinese goods, scheduled to take effect on Sunday
Spot gold -- which last traded at about $1,461 an ounce -- is up 14 per cent this year
The decline in gold prices also pushed investors to reduce holdings in ETFs
A new round of US tariffs on Chinese goods is scheduled to take effect on Dec. 15. China wants a halt to new tariffs and an end to existing ones as part of an interim deal to de-escalate the trade war
Spot gold was up 0.1% at $1,475.58 per ounce, as of 0811 GMT on Thursday, and US gold futures were up 0.1% at $1,480.90 per ounce.
Signs of a thaw in the US-China trade spat and prospects of an improvement in US economic growth have taken a toll on the metal, which has lost nearly $100 an ounce to trade at $1,456 today
Dealers were charging a premium of up to $1.5 an ounce over official domestic prices this week, compared with a discount of $3 last week
The precious metal is down 3.6% this month, the most since November 2016, when Trump won the US presidential election
On Thursday, gold prices closed at Rs 38,552 per 10 gram