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.
Exports to eight out of India's top 10 destinations, including the Netherlands, the United States (US) and the United Kingdom (UK), witnessed positive growth during the first six months of FY25, despite muted global demand amid geopolitical challenges, commerce department data showed.
Gold prices drifted by Rs 100 to Rs 28,400 per ten grams at the bullion market today as demand from jewellers and retailers eased at existing levels amidst a weak global trend.
Silver followed suit and eased by Rs 225 to Rs 42,775 per kg on reduced offtake by industrial units and coin makers.
Gold prices rose by Rs 190 to Rs 27,190 per 10 grams at the bullion market on Friday.
Silver also fell 0.7 per cent to $15.71 an ounce.
Gold remained higher by adding another Rs 70 to Rs 27,550 per ten grams at the bullion market on Tuesday.
Sentiments remained firm in precious metals on sustained buying by jewellers and retailers to meet ongoing festive season demand.
The ongoing wedding season could not boost the trading sentiment and low demand from jewellers and retailers was witnessed, traders said, adding that a weak global trend because of strengthening of dollar also reduced appeal for the bullion.
Silver ready declined Rs 160 to Rs 37,240 per kg.
Traders said besides low demand from jewellers and retailers, a weakening global trend -- amid the US employment data and strengthening dollar reducing appeal for the precious metals -- kept pressure on gold prices.
Gold prices rose further by Rs 10 to Rs 27,500 per ten grams in the national capital today on the back of pick-up in buying by jewellers to meet wedding season demand.
Silver coins remained steady at Rs 52,000.
While gold prices declined by Rs 340 to Rs 30,200 per ten gram, silver dropped by Rs 540 to Rs 48,455 per kg on reduced offtake by jewellers and coin makers.
Selling pressure gathered momentum after gold in London fell for a fifth session as the dollar strengthened, curbing demand for the metal as an alternative investment. Marketmen said the metal lost its demand among retail customers and moved along with the global trend.
Silver, however, found some buying support.
Silver, however, held steady at Rs 37,100 per kg
Globally, gold added 0.4 per cent to $1,163.73 an ounce in Singapore.
Traders said apart from fall in demand from jewellers and retailers at prevailing levels, a weak global trend as the strengthening dollar eroded appeal for the precious metal, mainly influenced sentiments in New Delhi.
Gold prices maintained its upward journey for the second day with a gain of another Rs 180 to Rs 27,300 per 10 gm on Monday.
Traders said brisk buying by stockists and jewellery fabricators to meet the rising festive and wedding demand mainly led an upsurge in gold and silver prices.
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.
Traders said slackened demand from jewellers and appreciating rupee, which made import of precious metal cheaper, weighed on gold prices but a better trend in the global markets restricted the losses.
Gold in Singapore, which normally sets price trend on the domestic front, traded a shade higher at $1,294.35 an ounce from $1,293.75 on August 1.
Gold lost its sheen with prices falling by Rs 120 to Rs 28,300.
After Wednesday's rise, gold prices drifted by Rs 190 to close at Rs 27,610 per ten gram in New Delhi on easing demand from jewellers and retailers amidst a weak global trend.
Traders said apart from subdued demand from jewellers and retailers, a weakening global trend on easing of tensions in Ukraine mainly kept pressure on gold prices.
In August 2013, import duties on gold, silver and platinum were hiked to 10 per cent in order to curb the surging imports and also to check CAD.
Silver held steady at Rs 37,300 per kg.
Traders said fall in demand from jewellers and retailers at existing levels mainly led to the fall in gold prices but a better trend overseas restricted losses.
Silver also lost Rs 550 to Rs 36,350 per kg on poor offtake by industrial units and coin makers.
On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 25 each to Rs 27,300 and Rs 27,100 per 10 grams, respectively.
With Indian jewellery market already on the robust recovery path, the jewellers are expecting strong Diwali sales in the Dhanteras as the festive mood remains high with low Covid third wave possibility and softer gold price this season. The industry expects the trends in 2021 will be able to reach pre-covid level sales of 2019 on the back of gold price hovering at Rs 46,000-47,000 per 22 carat 10 grams gold nearly 5 per cent lower than 2020, and jump in number of weddings, a senior official of an industry body said. "Since Navratri market is showing demand. It will continue on Dhanteras also.
Traders attributed the rise in the precious metal prices to emergence of buying at prevailing levels by stockists and retailers to meet the ongoing marriage season demand.
Bullion merchants said sustained buying by stockists on the back of pick-up in seasonal demand and a firm global trend mainly led to the rise in gold and silver prices.
Traders said increased buying of gold by stockists and jewellers to meet the rising festive and marriage season demand, amid firming global trend, influenced the sentiment.
Gold prices recovered by Rs 210.
Bullion traders said subdued demand at current levels and a weak global trend mainly pulled down both gold and silver prices.
Silver also recorded a significant rise of Rs 960 to Rs 39,250 per kg on increased offtake by industrial units and coin makers.
Gold prices fell by Rs 160 to Rs 30,000 per ten grams in New Delhi on sustained selling by stockists against sluggish demand amid a weak global trend.
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