Caution ahead of key consumer inflation data in the day also weighed.
M&M conducted raids across six auto spare part makers and sales outlets.
Jewellery showrooms in Tamil Nadu and Andhra Pradesh were also opened.
US gold futures slid over 1 per cent on Thursday, while silver futures dropped 2 per cent.
Globally, gold fell by 0.24 per cent to $1,182.80 an ounce and silver shed 0.72 per cent to $15.89 an ounce in London.
Silver coins remained steady at Rs 52,000.
Retailers, especially food and grocery chains, are clearly unhappy, saying the ban is impractical
Silver too advanced by Rs 100 to 38,700 per kg.
The finance minister said while the 10 years of the United Progressive Alliance government were characterised by "policy paralysis", the Modi dispensation introduced structural reforms to make India a developed nation and give it a cleaner economy.
The rupee had closed at 60.1550/1650 per dollar on Monday.
Gold falls on muted demand, silver shapes up on fresh buying.
Gold prices on Friday fell by another Rs 25 to Rs 27,225 per ten grams at the bullion market in the national capital due to slackened demand at prevailing levels from jewellers and retailers amid a weak trend overseas.
Silver also fell 0.7 per cent to $15.71 an ounce.
Globally, gold climbed 1.85 per cent to $1,230.70 an ounce.
Silver also eased by Rs 200 to Rs 38,200 per kg on reduced offtake by industrial units and coin makers.
However, silver extended its weakness for the second straight day and lost Rs 90 to Rs 45,230 per kg on reduced offtake by industrial units and coin makers.
The partially convertible rupee closed at 61.79/80 per dollar on Tuesday compared with 61.9525/9625 on Monday. The unit rose to 61.78 during the session, its highest since December 18.
Forex dealers said apart from month-end demand for the American currency from importers, dollar's gains against other currencies overseas amid US data showing more-than-expected economic growth in the second quarter also put pressure on the local unit.
Silver coins, however, continued to trade in a narrow range.
Traders said fresh buying by industrial units and coin makers along with higher global trend mainly led the recovery in silver prices.
Silver also eased by Rs 150 to Rs 41,700 per kg.
The fear that the recent rise in the inflation rate will scupper their chances of re-election has led the United Progressive Alliance government to blame the usual suspects: hoarders, monopolists, and of course, foreigners. So bring back discredited policies: raid hoarders, torment speculators and ban export of agricultural products.
As United Kingdom voted to leave the European Union in a historic referendum, scenes of celebration and gloom could be seen across the nation.
Traders said the precious metals remained in demand for the ongoing festivals and marriage season, while silver rose on industrial units and coin makers demand.
Silver coins continued to be traded at last level of Rs 48,000.
Juventus coach Massimo Allegri says Cristiano Ronaldo is ready to play for the Serie A team against Udinese on Saturday.
Therupee staged a smart rebound from its low towards the fag-end trade on dollar selling as well as suspected intrusion by the Reserve Bank to end steady at 63.39.
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Gold tumbles by Rs 1,250 to Rs 30,950.
Silver also surged by Rs 1,050 to Rs 35,500 per kg on increased offtake by industrial units and coin makers.
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Domestic shares jumped nearly 1.5 per cent on Monday to an all-time high, surpassing their previous record hit just last week, as lenders including ICICI Bank extended a recent rally.
Traders said sentiment turned distinctly weak after gold prices slumped in global markets as Swiss voters rejected a plan for their central bank to accumulate bullion and oil extended its decline to five-year low, curbing demand for the precious metal.
'The only good thing is people will not be required to maintain their medical bills and invest time in that.'
Traders said some buying activity by jewellers and retailers mainly kept gold prices steady.
Silver also rebounded by Rs 140 to Rs 37,050 per kg.
Silver eased by Rs 150 to Rs 37,100 per kg lacking necessary buying from industrial units.
Silver halted its four-day rising trend and declined by Rs 65 to Rs 41,000 per kg.
The rupee had hit an intra-day low of 61.6750 on Friday, its lowest level since Oct. 17.
Silver ready declined Rs 160 to Rs 37,240 per kg.
Shadow of elections may overshadow political consensus at GST Council meetings.
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