Silver, however, held steady at Rs 44,900 per kg in restricted buying activity from industrial units and coin makers.
Silver also shot up by Rs 400 to Rs 34,400 per kg.
Traders said sustained selling by stockists against sluggish demand and weakening global trend mainly kept pressure on precious metals.
Gold continued its upward trend for the sixth straight day and gained another Rs 190 to Rs 26,190 per ten gram at the bullion market on Thursday.
Traders said the sentiment remained bearish on stockists selling and weakening global trend as Federal Reserve signalled a rise in interest rates while further reducing monetary stimulus, boosting the dollar and curbing demand for the metal.
Silver maintained its rising streak for the fourth consecutive day and advanced Rs 100 to Rs 42,400 per kg on sustained buying by industrial units.
Govt proposes to introduce redeemable gold bonds.
Gold prices plunged and closed below the psychologically-significant Rs 29,000 per 10 grams mark at the local bullion market on Monday on consistent selling by stockists and speculators despite firm global sentiment.
Silver also fell by Rs 400 to Rs 41,000 per kg on poor offtake by industrial units and coin makers.
Traders said sluggish demand at prevailing higher levels and investors shifting their funds to surging equities mainly kept pressure on gold and silver prices.
Gold in Singapore, which mostly set the price trend on the domestic front, climbed 0.6 per cent to $1,303.63 an ounce and silver by 1.9 per cent to USD 18.33 an ounce, the highest since September.
Gold drops Rs 110 on macro factors.
Globally, gold lost 0.4 per cent to $1,274.19 an ounce in Singapore.
Traders said fall in demand from jewellers and retailers at existing levels mainly led to the fall in gold prices but a better trend overseas restricted losses.
Though valuations have moderated, they are still above average.
While gold gained Rs 320 to Rs 30,545 per ten gram after losing Rs 585 in last four sessions, silver recovered by Rs 390 to Rs 49,330 per kg, snapping Rs 2,260 losses of four days.
On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 30 each to Rs 28,445 and Rs 28,245 per 10 grams, respectively after gaining Rs 655 in last three days. Sovereigns, however, remained stable at Rs 24,400 per piece of eight grams in restricted buying activity.
A weak global trend on speculation that signs of a strengthening US economy might reduce demand for the precious metals as safe haven also influenced the sentiment, traders said.
The white metal had gained Rs 200 in the previous session.
In domestic market, gold prices had peaked to Rs 39,011 per 10 grams in September and are now ruling at Rs 38,800 per 10 gram.
Traders said sustained selling by stockists against falling demand at prevailing higher levels mainly led to decline for the second day in the precious metals.
Traders said sustained selling by stockists on the back of sluggish demand mainly kept pressure on precious metals.
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