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.
In line with overall trends, silver ready recovered by Rs 150 to Rs 36,800 per kg and weekly-based delivery by Rs 175 to Rs 36,800 per kg.
Levy in India one of the highest in the world; finance minister urges banks to tell customers not to invest in the metal.
Rising bullion prices was no deterrent to the Indian gold jewellery segment in India as sales soared in the third quarter of the current fiscal (Q3).
Globally, gold in New York, which normally determines price trend on the domestic front, fell 1.18 per cent to $1,198.50 an ounce in Tuesday's trade as strengthening dollar curbed demand for the precious metal.
Traders said heavy selling by stockists against fall in demand at prevailing higher levels mainly kept pressure on gold prices.
This year, India bought 27.7% of the gold exported by Switzerland; in Jan, this was only 15%.
The Congress, which described the note ban decision as the "biggest scam" and "the largest government-abetted money laundering scheme", has asked all its state units to organise protests, processions and marches to mark the day.
Continuing its losing streak for the third day, gold prices drifted by Rs 155 to settle at Rs 28,175 per ten gram in the national capital today on sustained selling by stockists, tracking a weakening global trend.
Prices rose further on the bullion market in Mumbai on Tuesday as silver hardened smartly on heavy stockists' demand and gold closed higher in line with firm overseas advises.
Gold prices declined further on the bullion market in Mumbai on Tuesday on persistent stockist offerings in view of the fall in the overseas markets.
Gold in Singapore, which normally sets price trend on the domestic front, fell from three-month high by declining 0.6 per cent to $1,312.48 an ounce.
After gold, it was silver's turn to scale new highs as ready silver rallied to touch an all-time high of Rs 12,340 per kilo in the opening session on the bullion market here on Thursday due to heavy buying activity.
Gold prices rose on the bullion market in New Delhi on Monday on emergence of buying by investors amid purchasing by stockists, as funds got diverted from falling equity markets.
Gold prices shot up to a new high of Rs 7,050 per ten gram at the opening session in the bullion market in Mumbai on Wednesday due to heavy demand.
Gold prices resumed the day on a historic high at the bullion market in Mumbai on Thursday, with standard gold (99.5 purity) opening at Rs 6675 per ounce, a level not seen before.
All the major wholesale commodity markets of the country, including bullion, will remain closed for rest of the week for Diwali and Govardhan Pooja.
A Cabinet panel has allowed futures trading in 54 commodities including rice, wheat, pulses, oils, oilseeds, spices and metals, a government spokesman said on Thursday.
Traders said sluggish demand at prevailing higher levels amid a weak trend in Asian region mainly led to decline in gold prices while increased industrial demand helped silver to trade higher.
Gold prices plunged by Rs 600 to Rs 26,500 per 10 grams in the national capital today after the precious metal slumped to the lowest level since 2010 in global markets as the strengthening dollar eroded demand for the commodity.
Gold imports into India, the world's largest consumer, remained almost stagnant for the second straight week as high prices hit demand and brought domestic sellers to the market, traders said.
Silver also turned weak and dropped by Rs 350 to Rs 41,200 per kg on reduced offtake by industrial units and coin makers.
'Gold could return 10% to 12% in the next two-three years.'
The government on Monday slashed import tariff value on gold and silver to $408 per 10 grams and $617 per kg respectively, in view of weakness in bullion prices globally.
Both the precious metals, gold and silver, ounce again broke all previous records and ended at all-time high of Rs 6,270 per 10 gram and Rs 9,605 per kilo, respectively on the bullion market in Mumbai on Monday.
Marketmen said the persistent fall in gold prices to increased selling by selling after the Reserve Bank eased curbs on import of the yellow metal, allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports.
This has steered a rally in global equities and dollar Index also ticked higher, trading near its four year high.
Precious metals plummeted on the bullion markets across the board on weakening international trend, as gold lost between Rs 300 and Rs 220 per ten gram and silver by Rs 1015 and Rs 450 per kilo.
Bullion traders attributed the rise in precious metal prices to emergence of buying by jewellers and retailers driven by ongoing 'Navratras', considered as an auspicious week for making new purchases according to Hindu mythology.
The Centre on Wednesday placed a list of names of 627 Indian account holders in HSBC bank, Geneva in the black money case before the Supreme Court which asked a Special Investigation Team to go through the list and take appropriate action in accordance with law.
Bullion merchants said reduced offtake by jewellers and retailers at existing higher levels and a weak global trend amid speculation that Federal Reserve may decide on cutting back asset purchases this week is likely to bring down the demand for the precious metals as a safe haven.
Gold zoomed by a whopping Rs 215 per ten gram and closed at a new closing high of Rs 9,945 on the bullion market in Mumbai on Friday due to frantic buying after metal's prices touched a 25-year high.
Gold zoomed by Rs 425 to Rs 31,150 per ten grams in the national capital today on frantic buying by stockists and investors on strong global cues.
Contrary to usual practice, the new Samvat year, the most auspicious day for Indian business, will start from home this year, as traders have downed their shutters across the country to protest against value added tax system
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