The gold prices fell by Rs 360 to Rs 19,960 per 10 grams, a level last seen on November 4, while silver tumbled Rs 950 to Rs 41,700 per kg on fall in demand among jewellers at existing high levels.
Continuing the record-setting spree, gold prices on Thursday climbed to Rs 18,399 per ten gram for April delivery amid weak US dollar.
Gold, silver rise on positive global cues.
Silver halted its four-day rising trend and declined by Rs 65 to Rs 41,000 per kg.
Gold regained its crucial Rs 21,000 per ten grams level in the bullion market on Tuesday, on emergence of buying by retail customers for the current marriage season, while silver fell from the record level.
The yellow metal witnessed some token buying but failed to take off on Dhanteras, a day considered auspicious for buying gold, silver and other valuables and is largely celebrated in North and West India.
The import tariff value is the base price at which the customs duty is determined.
All major markets, including the Bombay Stock Exchange, National Stock Exchange, foreign exchange, government securities, overnight call money, bullion and commodity are closed on Monday for the second phase of Lok Sabha
Dhanteras' buying seemed to have been sparked by the belief that prices would remain firm
The turnover of 23 commodity exchanges rose by 57 per cent to Rs 11837.26 billion (Rs 11,83,726 crore) till May 15 of the 2010-11 fiscal as against Rs 7525.18 billion (Rs 7,52,518 crore) in the same period last year.
Analysts see steady long-term gains, say volatility to last for a short while.
Falling for the sixth straight day, gold prices drifted by another Rs 70 to trade at fresh two-month low of Rs 26,680 per ten grams at the bullion market on Friday, tracking a weak global trend amid slackened demand from jewellers and retailers.
Silver also rebounded by Rs 140 to Rs 37,050 per kg.
Silver ready declined Rs 160 to Rs 37,240 per kg.
Snapping its six-day, record-making journey, gold's dream to climb the 18-K level was shattered as the yellow metal tumbled on the bullion market in Mumbai on Friday on frantic selling by stockists triggered by a sharp fall in international markets.
Traders said some buying activity by jewellers and retailers mainly kept gold prices steady.
Traders attributed persistent fall in gold prices to easing demand.
Commodity exchanges -- MCX, NCDEX and NMCE will open for 'muhurat trading session' for at least 2 hours on Tuesday evening for all commodities on account of Diwali.MCX and NCDEX have fixed muhurat trading from 1815 to 1945 hrs, while NMCE from 1815 to 2040 hrs, the exchanges said.
International spot gold, which guides the domestic market, has continued its upwards trend in recent weeks. Bullion remains boosted by its safe haven status amidst the uncertain economic outlook.
In Delhi, gold of 99.9 and 99.5 per cent purity gained Rs 110 each to Rs 27,210 and Rs 27,010 per 10 gram, respectively.
Measure to be implemented in metros first, followed by state capitals, district HQs and rest of country
Gold prices remained steady for the second straight day at Rs 27,250 per 10 grams at the bullion market on Tuesday.
It's not only the gold but silver also glittered on the bullion market in New Delhi on Wednesday as the white metal surpassed its previous highs to scale another historic peak to close at Rs 27,375 per kilogram on buying by stockists supported by a sharp rally in overseas markets.
Gold prices are seen heading northwards on improved demand.
These contracts will expire on the last trading day of the month prior to the expiry of international bullion futures contract, be settled on expiry at import parity costing, delivery logic based on intention matching and rupee value contracts for importers and traders.
Gold prices recovered by Rs 20 to Rs 26,900 per ten grams at the bullion market in New Delhi on Thursday on the back of wedding season demand from jewellers and retailers even as the metal weakened overseas.
A firm overseas trend on Thursday helped gold recover by Rs 100 to Rs 17,300 per ten gram in the bullion market here on fresh buying by stockists amid marriage season demand.
Spot gold was trading little changed at $1,315.15 an ounce in early European trade.
In the overseas market, the yellow-metal was trading higher amid bargain hunting.
Most of the major markets, including Bombay Stock Exchange, National Stock Exchange are closed
A rally was also seen in sovereign and silver coins that rose to dizzy heights on scattered buying support from retail customers for the ongoing heavy marriage season.
The finance ministry and several agencies under it such as the Securities and Exchange Board of India (Sebi) and the Enforcement Directorate (ED), which are investigating the affairs of Sahara India Parivar, are worried about its exposure to National Spot Exchange Ltd (NSEL) products.
Silver ready rose by Rs 100 to Rs 37,000 per kg.
Gold remained weak for the second straight day with prices falling by another Rs 30 to Rs 26,750 per ten gram at the bullion market in New Delhi on easing of demand from jewellers and retailers amid a weak global trend.
Globally, gold prices fell by 0.3 per cent to $1,194.10 an ounce in Singapore on speculation that a rally to a two-week high will erode demand as dollar strengthens.
During April, the imports stood at 34.2 tonnes, as per data given by the Bombay Bullion Association.
Continuing its record setting spree, gold on Friday surged by Rs 100 and touched a new high of Rs 17,500 per 10 gram in the bullion market in New Delhi on heavy buying by jewellery makers amid firming global trend.
The minister asked jewellers not to recover transaction charges for use of debit or credit cards from customers.
Gold prices on Thursday crossed the crucial Rs 17,000 per 10 gram level in the bullion market here, buttressed by frantic buying by jewellers for the ongoing marriage season amid a firming global trend.
Globally, gold gained 0.4 per cent to $1,098.62 an ounce and silver gained 0.9 per cent to $14.95 an ounce in Singapore.
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