A weak global trend on speculation that signs of a strengthening US economy might reduce demand for the precious metals as safe haven also influenced the sentiment, traders said.
The yellow metal fell by Rs 115 to Rs 26,715 and silver lost Rs 400 to Rs 40,350 per kg.
Extending gains for the second day, gold prices moved up by another Rs 70 to Rs 28,300 per ten gram in the national capital on Friday on increased buying by jewellers and retailers, driven by festive season demand coupled with firming global trend.
Silver also rebounded by Rs 450 to Rs 38,100 per kg
Weak global trend, where gold declined nearly to its lowest level in three months, further dampened the sentiment, they added.
Gold prices recovered by Rs 20 to Rs 26,900 per ten grams at the bullion market in New Delhi on Thursday on the back of wedding season demand from jewellers and retailers even as the metal weakened overseas.
Traders said apart from increased buying by jewellers and retailers to meet seasonal demand, a firming trend in global markets on increased tensions in Ukraine and weakening dollar mainly influenced precious metal prices.
Globally, gold fell 0.2 per cent to $1,162.25 an ounce in Singapore.
Traders said sluggish demand due to ongoing 'Sharads', an inauspicious fortnight in Hindu mythology to make fresh purchases, mainly kept the precious metals lower.
Silver gained Rs 350 to Rs 36,550 per kg on increased offtake.
Extending losses for the third straight day, gold prices dropped Rs 220 to Rs 31,710 per ten gram in New Delhi on Wednesday on sustained selling by stockists amid sluggish demand coupled with weakening global trend.
While gold plunged by Rs 505 to Rs 30,380 per ten grams, silver fell by Rs 280 to Rs 49,300 per kg.
Silver also lacked necessary follow-up support from industrial units and coin makers and lost Rs 300 to end at Rs 43,000 per kg.
Gold drops Rs 110 on macro factors.
Gold prices recovered by Rs 100 to trade at Rs 27,200 per 10 gm at the bullion market.
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.
After gaining Rs 75 in the previous session, the precious metal advanced further, driven by a firming trend in overseas markets as US economic data signalled the Federal Reserve may continue its asset purchase program to support the recovery.
Marketmen said increased buying by jewellers and retailers to meet the festive season demand amidst a firming global trend mainly kept precious metals higher.
Gold prices declined by Rs 100 to Rs 28,200 per 10 grams at the bullion market on Friday
Prospects of a bumper kharif harvest are expected to lower food inflation in the coming months, making the country's inflation outlook benign, the Union Ministry of Finance (FinMin) said in its monthly economic report for October released on Monday.
Gold continued its upward trend for the sixth straight day and gained another Rs 190 to Rs 26,190 per ten gram at the bullion market on Thursday.
Silver coins also tumbled by Rs 1,000 to Rs 52,000 for buying and Rs 53,000 for selling of 100 pieces.
Gold price softens as demand dips.
Traders said sentiments remained weak due to fall in demand from jewellers and retailers amidst gold retreating in global markets.
Silver also fell for the third day.
Globally, gold rose 0.83 per cent to $1,290.90 an ounce and silver was up 0.79 per cent to, $17.92 an ounce in London in early trade on Tuesday.
Silver also recovered by Rs 200 to Rs 37,000 per kg.
Silver, however, ended steady at Rs 36,000 per kg.
Silver also plunged by Rs 1,430 per kg on poor offtake by industrial units and coin makers.
While gold declined by Rs 50 to Rs 28,750 per ten grams, silver dipped by Rs 25 to Rs 42,075 per kg on lack of buying support.
Gold prices on Monday drifted by Rs 105 to trade at a three-week low of Rs 27,225 per ten grams.
Silver also rebounded by Rs 570 to Rs 38,100 per kg on increased offtake.
Sentiments remained subdued largely in tandem with a weak trend in global markets where gold traded at a four-year low as surging dollar waned demand for the precious metals, traders said.
Bullion merchants said increased buying by jewellers and retailers to meet wedding season demand and a firming trend overseas where gold surged to one-month high, mainly boosted the sentiment.
The growing decline of MTech applicants in Indian colleges is due to multiple factors, including outdated curricula, poor return on investment and lucrative non-engineering alternatives, say experts.
Silver also turned weak and prices eased by Rs 100 to Rs 36,900.
Silver also dropped by Rs 550 to Rs 40,350 per kg.
Given the economic trends, it might make sense to allocate some savings to gold.
Traders said besides stockists selling, a weakening global trend where gold posted its biggest decline in almost seven months as Portuguese banking concerns eased and equities gained, diminishing safe-haven demand.
Divya Nair/Rediff.com speaks to students and experts to find out whether it is better to study management in India or try for an international MBA.
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