Silver also turned weak and dropped by Rs 350 to Rs 41,200 per kg on reduced offtake by industrial units and coin makers.
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.
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 declined further on the bullion market in Mumbai on Tuesday on persistent stockist offerings in view of the fall in the overseas markets.
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 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 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 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.
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.
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.
The department has found that Rs 100 crore were deposited in 500 Jan Dhan accounts in the banks in western Madhya Pradesh post-demonetisation.
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.
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.
Demonetisation should be judged to have delivered some immediate gain if at least around Rs 2 trillion gets immobilised.
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 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.
Imports are down also because local traders are clearing unaccounted stock after introduction of 1 per cent excise duty
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.
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.
Traders said reduced offtake by stockists and retailers at existing higher levels amid a weak global trend as US economic data reinforced concern that the Fed will begin trimming stimulus measures, curbing demand for precious metals as a haven, mainly pulled down the bullion prices.
Gold prices hit one-month lows at the bullion market on Wednesday on sustained selling from stockists and investors in the backdrop of a crash in global market, while silver hit two-and-a-half-year low.
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.
Raids are being carried out across the country by the Income Tax department in the wake of the burgeoning fake currency racket post demonetisation, as currencies both new and old have been seized in large amounts from Bengaluru, Panjim and Faridabad besides the national capital.
Continued its slide for the sixth straight day, gold prices plunged by Rs 220 to trade at three-week low of Rs 28,280 per 10 grams in New Delhi on Thursday on increased selling by stockists amid a weakening global trend.
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
Non-compliance, underreporting or misreporting will attract a penalty of 50-200 per cent. The authorities may during assessment even tax assets that are 15-20 years old
Marketmen said emergence of low level buying by stockists and retailers for the wedding season amid a firm global trend mainly helped gold prices to rebound.
The department will impose a penalty, which could be between 30 per cent and 120 per cent.
Theft of gold from five packets had been reported to the police on January 16, 20, April 30.
However, silver rose for the third straight session by adding Rs 375 to Rs 48,800 per kg on increased offtake by industrial units and coin makers.
Gold prices surged by Rs 650 to Rs 31,200 per ten gram on heavy purchases by stockists and retailers for the marriage season and approaching 'Diwali' festival.
Gold prices crashed by Rs 105 per ten gram on the bullion market in Mumbai on Friday due to heavy offering by stockists after a sharp fall in New York prices.
The Australian media has said that the rise of Twenty20 cricket is a sporting reminder that everything 'quaint' in the game faces a future inundated by short form, and the need for variety.
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