Silver also eased by Rs 100 to Rs 39,400 per kg.
While gold gained Rs 320 to Rs 30,545 per ten gram after losing Rs 585 in last four sessions, silver recovered by Rs 390 to Rs 49,330 per kg, snapping Rs 2,260 losses of four days.
Globally, gold in London was trading 0.58 per cent lower at $1,148.20 an ounce and silver shed 0.24 per cent to $14.75 an ounce.
Silver snapped its two-day losing trend and recovered by Rs 310 to Rs 44,310 per kg on increased offtake by industrial units and coin makers.
Bullion traders said besides increased buying by jewellers and retailers to meet festive season demand, a firming global trend amid escalating tensions over Ukraine has raised demand for a safe-haven, resulting into influence on gold prices here too.
In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs 130 each to Rs 30,600 and Rs 30,400 per 10 grams, respectively.
Traders said selling by stockists amid a weak global trend as a rally in equities dampened demand for an alternative investment amid concern that physical consumption is faltering mainly influenced the sentiment.
Traders attributed persistent fall in gold prices to easing demand.
Gold prices plunged by Rs 600 to Rs 26,500 per 10 grams in the national capital today after the precious metal slumped to the lowest level since 2010 in global markets as the strengthening dollar eroded demand for the commodity.
Traders said sentiments in gold turned bearish after it plunged in overseas markets on speculation that US interest rates will increase next year, curbing demand for the metal as a store of value.
The bank believes that that gold prices will recover this year and retain a pronounced bullish posture.
Gold prices on Friday rose by Rs 210 to hit another five-week high of Rs 28,300 per 10 grams in the national capital on sustained buying by stockists amid a firming global trend.
Gold surged to a fresh all-time high of Rs 28,540 per 10 grams in the bullion market today on sustained buying by stockists and investment-driven purchases fuelled by the bullish trend in international markets.
After falling for three straight days, gold prices recovered by Rs 50 to Rs 26,700 per ten grams at the bullion market on Friday.
Gold is often considered a 'hedge' against an economic uncertainty.
Silver shot up by Rs 660 to Rs 44,600 per kg
Gold in London, which normally sets price trend on the domestic front, fell by 0.1 per cent to $1,314.99 an ounce and silver by 0.3 per cent to $20.91 an ounce.
Silver traded higher by Rs 250 to Rs 34,400 per kg.
Silver also traded higher by Rs 250 to Rs 41,000 per kg on increased offtake by industrial units.
Most consumers are going for token buying of lesser value and are waiting for price correction for purchase of wedding jewellery.
Traders said stockists selling in line with a weak global trend as an improving US economy prompted the Federal Reserve to cut stimulus, which reduced demand for precious metals as alternative assets.
Traders said increased selling by stockists, tracking a weak trend overseas as investors awaited US employment data that may show the economy is strengthening, mainly dampened the sentiment.
Globally, gold fell by 0.94 per cent to $1,094.20.
The yellow metal remained in demand ahead of the upcoming 'Akshya Tritya' festival, considered to be an auspicious day for purchasing gold and the beginning of marriage season.
Trading sentiments improved after gold rose in global markets as weakening stocks and commodities spurred the demand for the metal as safer assets.
Silver also advanced by Rs 200 to Rs 36,500 per kg.
Traders said emergence of buying at prevailing lower levels by jewellers and retailers mainly supported the upside in prices of precious metals.
Continuing the record-setting spree, gold prices on Thursday climbed to Rs 18,399 per ten gram for April delivery amid weak US dollar.
However, silver held steady at Rs 42,600 per kg on scattered enquiries from industrial units.
Attractively low prices, rising demand and a favourable ratio to gold point to better days ahead for the white metal.
Silver also surged by Rs 1,050 to Rs 35,500 per kg on increased offtake by industrial units and coin makers.
The government on Friday reduced the import tariff value on gold and silver to $420 per 10 grams and $645 per kg, respectively, taking cues from firm global prices.
Gold in London, which normally sets price trend in the domestic markets, rose by 0.1 per cent to $1,313.42 an ounce on speculation the US Federal Reserve may further cut monetary stimulus, raised demand for the metal as a safe haven.
Gold in Singapore, which normally sets the price trend on the domestic front, fell by 1.4 per cent to $1,278.94 an ounce and silver by 2.8 per cent to $19.55 an ounce.
Traders said reduced offtake by retail customers on sluggish demand at prevailing higher levels kept pressure on gold prices, while silver rose on fresh buying by industrial units and coin makers amid a firming global trend.
Traders said stockists selling against sluggish demand at higher levels mainly pulled down both gold and silver prices.
If there is turmoil in currencies, gold can shoot up sharply, says author of Arora Report.
Import is returning to the normal prevailing three years ago
The second day of pre-Diwali Dhanteras witnessed a tepid response from shoppers on Friday as gold and silver sales have likely to be fallen by up to 35 per cent year-on-year due to high prices and COVID-19 induced financial distress, although consumers moved to online buying to make most of the festival, jewellers said. The buying was heavily restricted to light weight jewellery, coins and precious stones due to lower purchasing power and high gold rates, they said. Due to the fear of coronavirus infection, many customers who had booked in advance were taking delivery of wedding orders on Friday, while some were seen buying safely through online brands like Tanishq and Melorra.
Traders said a weakening trend in the precious metals overseas after the Federal Reserve pressed on with cuts to stimulus amid signs of a recovery in the US, reducing demand for the safe haven, mainly put pressure on the gold prices in New Delhi.
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