US gold climbed 0.6 per cent to $1,357.20 an ounce
Dollar also edged away from seven week lows against yen and euro on Wednesday following hawkish comments from Fed officials
Investors bet big on bullion as dollar is expected to remain under pressure
Silver also recovered by Rs 500 to Rs 47,000 per kg
Meanwhile, gold rose 0.6% to $1,347.16 an ounce in Singapore
Sliding prices of the metal in both global and domestic markets are seen as a contributory factor for the 52.5% decline
Spot gold was up about 0.4%, US gold was up 0.2%
Refining becomes unviable due to 2-4% price discount in India versus import; operating capacity falls below 25%
Around 80 tonnes of gold has been imported through unofficial channels in these four months
WGC expects demand to revive in H2 on surplus monsoon rains
Sudden spurt in sales of used jewellery indicates that farmers and usual consumers took advantage of gold price rise
Spot gold fell 0.3% to $1,342.58 an ounce; US gold too slipped 0.3% to $1,348.30 an ounce
Total jewellery demand in India for the period was down by 20 per cent to 97.9 tonnes
Investment demand reached 448 tonnes as investors sought risk diversification and a safe store of value
IBJA raises concerns about LBMA's price fixing mechanism, says it doesn't match realistic prices in India
Spot gold had risen 1.1% to $1,354.44, spot palladium surged 7.4% to $746.10
Speculators added net longs in gold futures for the first time in four weeks in the week to August 2
Silver also plunged by Rs 900 to Rs 46,300 per kg on reduced offtake by industrial units and coin makers
Among other precious metals, silver was down 0.1% at $20.35, while platinum was 0.3% lower at $1,155.24
Spot gold was down 0.4 per cent at $1,352.10 an ounce by 0340 GMT, after declining 0.4 per cent in the previous session