Silver, platinum and palladium all declined.
Indian gold demand seen falling to 8-year low in festive quarter.
Jewellers see flat gold sales this Dhanteras
In the Mumbai domestic market, gold stood at Rs 30,000/10g, down 0.9 per cent, while silver fell 2.5 per cent to Rs 50,275 a kg.
The spotlight is back on the hawala trade in diamonds.
Traders said sentiment turned distinctly weak after gold prices slumped in global markets as Swiss voters rejected a plan for their central bank to accumulate bullion and oil extended its decline to five-year low, curbing demand for the precious metal.
The decline is attributed to lower salary growth and a rise in households' financial liabilities.
In his capacity as an member of Parliament from South Mumbai, Minister of State for Telecom and Shipping Milind Deora today wrote to Prime Minister Manmohan Singh and sought his intervention to resolve the settlement crisis facing the National Spot Exchange Ltd.
Traders attributed the rise in prices to higher demand of precious metals for the coming festivals like Rakshabandhan compared with supply, which has tightened because of fall in imports following government measures.
Snapping its 3-day winning spree against the American currency, the rupee on Wednesday dropped by 21 paise to end at 66.64 on fag-end dollar demand from banks and importers despite a sharp rally in domestic equities.
India Ratings has in its latest report has maintained a bearish outlook for gold prices for the current financial year.
Gold is seen as a preferred asset for all types of investors, even central banks.
Price up on weak dollar and strong demand
Consumer sentiment seen better than last year's
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Imports of gold virtually stopped since July 22 after confusion on the new import rules.
Good monsoon, farm loan waiver -- the two key reasons behind more customers in jewellery shops
Passengers entering India will now have to declare Indian currency exceeding Rs 25,000 and LCD, LED or Plasma televisions.
Gold buyers in Asia were in no hurry, anticipating the market to weaken further, with premiums in India and Hong Kong picking up only modestly this week
Making a weak opening, shares of FTIL further tanked 45 per cent to Rs 105.5 -- its fresh 52-week low on the BSE.
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