Traders said sentiments in gold turned bearish after it plunged in overseas markets on speculation that US interest rates will increase next year, curbing demand for the metal as a store of value.
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Echoing international trends, both silver and gold came under selling pressure in Indian markets with the white metal dropping sharply by more than five per cent or Rs 2,000 to end the day at Rs 18,500 per kg.
This will bring down capital gains especially in case of property transactions.
Gold in global markets fell toward a one-week low as investors awaited the outcome of the US Federal Reserve's meeting and assessed the situation in Ukraine, which impacted the prices at domestic markets, traders said.
Silver also dropped Rs 560 to Rs 36,440 per kg.
Precious metals closed at new historic highs at the Bullion market in Mumbai on Monday as silver zoomed by a whopping Rs 570 to end at Rs 19,890 and gold firmed up by Rs 30 to close at Rs 8,855.
Silver prices zoomed by Rs 360 per kilogram to hit a new high of Rs 18,445 at the opening session in the bullion market in Mumbai due to heavy stockists' buying followed by firm overseas advices.
Gold in New York, which normally sets price trend on the domestic front, fell 1.2 per cent to USD 1,207.70 an ounce silver by 2.9 per cent to USD 16.56 an ounce in yesterday's trade.
The company and its sister concern, Forever Precious, owe close to Rs 5,500 crore.
Gold prices touched a new peak of Rs 6,830 per ten gram on the bullion market today on brisk buying by stockists to meet the ongoing festival and marriage demand, discounting reports of a weak international trend.
The nationwide 3-day traders strike against value added tax being implemented by 21 states from April 1 evoked a mixed response on Wednesday with wholesale markets remaining closed in major cities but retailers carrying out business in many places.
The new form will be different from the detachable perforated strip which is a part of the immigration card at the moment.
The World Gold Council has suggested that banks be allowed to offer gold-backed saving products to channelise gold investments in the banking sector.
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Traders said reduced offtake by retailers and jewellery fabricators at existing higher levels mainly kept pressure on the prices of both the precious metals.
A crash-like condition developed in the bullion market on Thursday as gold prices suffered the third consecutive major loss on panic selling by stockists induced by a steep fall in overseas markets.
Gold prices jumped by Rs 650, its biggest gain since June 20, to close at Rs 26,450 per 10 grams in New Delhi on Saturday on emergence of buying by jewellers and retailers amidst a rebound in global markets.
Shattering all the previous records, gold prices shot up further to end at yet another new historic high of Rs 7930 on the bullion market in Mumbai on Saturday
Gold prices spurted on the bullion market on Wednesday on sustained buying by stockists influenced by a firming trend in international markets and set a new high at Rs 7,750 per ten gram.
Gold prices zoomed to yet another high peak at Rs 7,710 per ten gram on the bullion market on Tuesday today on sustained heavy buying in line with firm international trends.
Silver prices zoomed to set an all-time high peak at Rs 12,750 per kilo on the bullion market on Saturday as stockists and jewellers bought silver, shifting from the yellow metal which touched a record high.
Gold prices jumped upwards to set another high of Rs 6720 per ten gram on the bullion market on Saturday on sustained buying to meet the marriage season demand.
Import by 4-star and 5-star export houses effectively barred from importing for domestic consumption.
Silver also jumped Rs 950 to Rs 44,750 per kg on increased offtake by jewellers and industrial units.
Silver coins dropped by Rs 2,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
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Gold prices on Thursday scaled to Rs 6,800 per ten gram, a level never seen before in the history of bullion market in New Delhi, as stockists indulged in brisk buying triggered by a firm international trend.
Traders said subdued demand from jewellers and retailers at prevailing levels and a weak global trend led to fall in gold and silver prices.
Gold plunged by Rs 155 per ten gram on the bullion market in Mumbai on Monday due to heavy selling by stockists after a steep fall in global prices.
Gold prices spurted on the bullion market on Wednesday on the emergence of buying by stockists triggered by a rising trend in international markets and closed with notable gains.
Gold prices crashed by Rs 115 per ten gram and silver plunged by Rs 375 per kilo in the bullion market in Mumbai on Tuesday due to heavy stockists' selling after steep fall in the international prices.
By tying gold imports directly to export volumes, India is effectively trying to cap how much bullion can be brought into the country, tightening supplies and driving up local prices.
The online gold futures trade on the National Multi Commodity Exchange of India will be launched by Union Minister for Consumer Affairs, Food and Public Distribution Sharad Yadav in New Delhi on Friday.
The government should partner with commodity exchanges such as MCX.
Silver dropped by Rs 175 to Rs 34,550 per kg.
Gold plunged by Rs 340 to Rs 30,660 per ten grams in the national capital on Friday on fall in demand amid a steep decline in the global markets.
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