Silver, however, ended steady at Rs 36,000 per kg.
Silver traded lower by Rs 135 to Rs 36,750 per kg.
Silver also eased by Rs 200 to Rs 37,200 per kg.
Select leading markets like Bombay Stock Exchange, National Stock Exchange, forex and money market will remain closed on December 25, on account of Christmas.
Gold in New York, which normally determine a price trend on the domestic front, fell 0.40 per cent to $1,233.70 an ounce in Tuesday's trade.
Globally, gold advanced 0.3 per cent to USD 1,179.35 an ounce in Singapore.
Silver also dived by Rs 600 to Rs 40,600 per kg.
The larger amount of black money either goes into domestic real estate or bullion, or is round-tripped back into India anyway.
Gold prices on Thursday crossed the psychological Rs 18,000 per ten gram level in early trade in the national capital today on frantic buying by stockists and jewellery makers, in line with a firming global trend.Gold, which had set a new milestone at Rs 18,000 per ten gram in the previous session, opened higher by Rs 80 at Rs 18,080 per ten gram in the Delhi bullion market.
All principal markets in Mumbai including, the Bombay Stock Exchange, the National Stock Exchange, Foreign Exchange, money market, bullion, oils and oilseeds, grains, pulses
In the national capital, gold of 99.9 and 99.5 per cent purity were up by Rs 150 each to Rs 28,500 and Rs 28,300 per 10 gram respectively.
Gold jewellers in Mumbai lost Rs 1,200 crore (Rs 12 billion) of business during the terrorist bloodbath that engulfed the metropolis from Wednesday to Saturday, a top industry official said.
In February, there was no gold import at all, while it stood at 21 tonnes in March 2008 and at 23 tonnes in February last year. Gold on Tuesday declined by Rs 50 to Rs 15,200 per 10 gram level in the spot markets from its previous day's close.
Gold on Tuesday eased by Rs 25 to Rs 27,450 per ten grams on favourable cues.
Silver coins also spurted by Rs 1,000.
Surging gold prices set yet another record of Rs 15,800 per 10 gram in the national capital on Thursday in line with the surging global bullion markets on speculation that the global recession will deepen further.
Marketmen said emergence of buying at prevailing levels by jewellers and retailers to meet upcoming festive season demand mainly supported the upside in gold prices.
Gold prices firm up on global cues.
Gold prices rallied by Rs 220 per ten grams to resume at Rs 14,275 on the bullion market in Mumbai on Wednesday on hectic stockists buying triggered by higher New York advices.
"Despite the marriage season being on, almost all gold ornament shops have reported a sharp fall in their sales," said P Satya Narayan Senapati, president, Berhampur Jewellery Association. At the peak of the marriage season, the gold trade in Behrampur reached around Rs 1 crore (Rs 10 million) per day earlier. Given the uptrend and volatility in the price of gold, there is scanty demand for the yellow metal and only need-based buying by the customers.
Traders said some buying by jewellers and retailers and a firm trend in Asian region mainly kept gold prices steady.
Gold remained weak for the second straight day and prices fell by another Rs 190 to Rs 26,810 per ten grams.
Earlier this month, RBI had raised loan to value ratio to 75 per cent from 60 per cent earlier.
Gold prices on Tuesday drifted by Rs 70 to Rs 27,050 per ten grams at the bullion market owing to slackened demand.
Gold prices went up by Rs 130 to Rs 26,930 per 10 grams at the bullion market in New Delhi on Monday on increased buying by jewellers and retailers amid ongoing wedding season demand.
Gold prices recovered by Rs 50 to Rs 26,800 per 10 grams at the bullion market on Friday.
Gold prices fell by Rs 80 at Rs 27,150 per 10 grams at the bullion market on Wednesday.
Tax sleuths have detected over Rs 52 crore of unexplained cash in jewellers' bank accounts
Gold price softens as demand dips.
Silver coins shot up by Rs 1,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.
Since most banks have tightened lending to diamond merchants and others are about to do so, many medium and small diamond dealers are approaching large players for credit facility within the industry
The yellow metal dropped Rs 400 at Rs 11,550 per 10 gram, a level last seen on Sept 11, on brisk selling by stockists and investors after the Bombay Stock Exchange benchmark Sensex recorded a second steepest fall in its history. The stock markets nosedived and bullion prices collapsed after the Reserve Bank of India kept interest rates unchanged and downgraded the national economic growth to 7.5 per cent.
At a media briefing in Hyderabad, Khatua said the bullion accounted for 42 per cent of commodity trade, and agriculture 23 per cent. He expressed hope that the government would lift the ban on eight commodities -- rubber, chana, soyoil, potato, rice, wheat, tur and urad -- shortly as prices had declined in the recent months. Wheat, for instance, is selling lower than the minimum support price.
Select markets like the Bombay Stock Exchange, National Stock Exchange, Foreign Exchange and the Money Market will remain closed on Friday.
Silver also traded lower by Rs 400 at Rs 37,600 per kg.
Marketmen said the precious metal sparkled as an secondary investment option in global as well as in domestic markets amid a plunge in stock markets following deepening of credit crisis in the US. Standard gold and ornaments which started on a promising note with a Rs 1,000 each higher at Rs 12,915 and Rs 12,765 per 10 gram, continued to rise and settled Rs 1,205 each higher at Rs 13,120 and Rs 12,970 per 10 gram respectively.
Gold advanced one per cent to $1,212.21 an ounce in Singapore.
Silver also fell by 0.5 per cent to $15.68 an ounce.
In Delhi bullion market, gold fell by Rs 295 to trade at Rs 11,350 per 10 gram in evening trading, a level last seen on January 21, this year.
Silver also declined by Rs 250 to Rs 35,400 per kg on reduced offtake by industrial units.
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