However, silver snapped two-day rising trend and declined by Rs 215 to Rs 49,100 per kg on reduced offtake at prevailing higher levels.
Traders said besides sustained selling by stockists against subdued demand, strengthening rupee led to persistent fall in prices.
Silver also extended its losing streak for the seventh straight session and declined by Rs 350 to Rs 44,200 per kg.
Silver followed suit and traded higher by Rs 200 at Rs 34,200/kg.
Gold in Singapore, which normally determines price trend on the domestic front, lost 0.90 per cent to $1,132.16 an ounce, the lowest since April 2010 and silver dropped by 2.3 per cent to $15.06 an ounce, the lowest since February 2010.
Bullion traders said a weakening trend in global markets, as the dollar's strength eroded demand, mainly put pressure on the precious metal.
Gold plunged by Rs 120 to Rs 30,810 per ten gram, while silver lost Rs 280 to Rs 49,670 per kg on falling demand among industrial units and coin makers.
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Traders said buying activity continued for the third straight day for the ongoing 'Navratras,' an auspicous week in Hindu mythology for making new purchases and marriage season.
At face value of Rs 2,893 and interest payout of 2.5 per cent, sovereign gold bonds offer best route to invest in yellow metal, says Tinesh Bhasin
Last year, the e-filing commenced on July 1 as there was delay in finalisation of the ITR forms
Gold prices rose by Rs 40 on the bullion market in Mumbai on Monday due to increased demand after a steep rise in the global prices.\n\n\n\n
Traders said low-level buying by stockists and shifting of funds from weakening equity to rising bullion mainly boosted the sentiment.
Silver prices also jumped by Rs 500 to Rs 45,000 per kg on increased offtake by jewellery fabricators and industrial units.
A veteran bullion analyst expects monthly import to average 50 tonnes till December.
BSE proposes two models for making gold trading and investment transparent
The total market capitalisation of BSE-listed companies fell by Rs 1.36 lakh crore to Rs 93.33 lakh crore.
Traders said besides reduced offtake by stockists and jewellers in view of off-marriage season, weak trend in global markets mainly led to the fall in gold and silver prices.
Traders said sentiment turned bearish on emergence of stockists selling at existing higher levels amid weak global trend as improving economic growth reduced demand for the precious metals as an alternate investment.
Gold prices zoomed up by Rs 110 per ten grams to close at a 6-year high of Rs 5450 on the bullion market on Friday due to hectic stockistsÂ’ buying prompted by a steep rally in the international prices.
The prices of yellow metal declined despite the ongoing token buying for the auspicious festival of Dhanteras.
Income tax officials have directed property dealers and registration authorities to prepare a list of top property deals that have taken place in the last three years.
Traders said sustained buying by stockists to meet the festive and marriage season demand mainly helped gold prices to extend gains for the second session.
In continued post-demonetisation crackdown on black money, stashes of new notes continue to be seized in several states, including Rs 1.05 crore from a tea seller-turned-financier in Gujarat and nearly Rs 90 lakh in Andhra Pradesh.
Silver also gained for the third-day and jumped by Rs 500 to Rs 43,000 per kg on increased offtake by industrial units and coin makers.
Nearly two-thirds of India's gold demand comes from rural areas where jewellery is a traditional store of wealth for millions who have no access to the formal banking system.
Sales of gold coins and bars should be curbed after reaching around 300 tonnes
US gold futures slid over 1 per cent on Thursday, while silver futures dropped 2 per cent.
Jewelers also want import duty on gold to be reduced from the current 10 per cent to at least 5 per cent.
Over 300 associations, that consists of over 3 lakh manufacturers, retailers, wholesalers and artisans among others, are participating the nationwide stir.
Gold is often favoured as a hedge against economic and financial uncertainty
Earlier, the RBI had imposed similar restrictions on commercial banks and NBFCs.
His remark comes hours after the government disclosed before the Supreme Court eight more names, including that of Pradip Burman, one of Dabur India promoters, a bullion trader and a Goa miner against whom it has started prosecution for allegedly stashing black money in foreign banks.
The richest and poorest candidates who contested the Maharashtra assembly elections were defeated.
Import bill for September rises to $3.5-4 billion as traders and retailers stock up the precious metal.
The government on Monday disclosed before the Supreme Court eight more names including that of Pradip Burman, one of Dabur India promoters, a bullion trader and Goa miners against whom it has started prosecution for allegedly stashing blackmoney in foreign banks.
A weak trend was noticed in Mumbai, as gold of 99.9 and 99.5 per cent purity slipped by Rs 60 each to Rs 30,540 and Rs 30,390 per ten gram respectively, while silver lost Rs 200 at Rs 45,600 per kg.
The government has asked jewellers to provide information on purchases of gold bars or jewellery worth more than Rs 500,000 by the end of this month, a move seen keeping a check on big transactions amid rising smuggling.
Only three or four tonnes is estimated to have been mobilised under the scheme.
While auditors have come in for a lot of praise for their proactive stand against what they perceive to be dodgy practices followed by companies, there is still a long way to go, says Shyamal Majumdar.
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