Traders said sentiments turned bearish after gold fell to three-week low in global markets as a stronger dollar curbed demand after the Federal Reserve ended its asset-purchase programme because of an improving labour market.
Traders said sustained selling by stockists on the back of sluggish demand mainly kept pressure on both gold and silver prices for the second straight day.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
Gold extended its slump for the second day and shed another ₹ 350 to hit a six-month low of ₹ 29,000 per 10 grams in the bullion market.
Globally, gold rose 0.16 per cent to $1,279.70 an ounce in London.
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The current upsurge in gold prices placed the metal to a level last seen on April 10.
Traders said stockists selling against sluggish demand at higher levels mainly led to fall in gold and silver prices.
Silver also recovered by Rs 500 to Rs 37,300 per kg.
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.
India's jewellery consumption in Sept quarter increases 5% to 193 tonnes.
Silver managed to recover some grounds.
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Silver also recorded a significant rise of Rs 950 to Rs 38,750 per kg.
Continued its slide for the sixth straight day, gold prices plunged by Rs 220 to trade at three-week low of Rs 28,280 per 10 grams in New Delhi on Thursday on increased selling by stockists amid a weakening global trend.
While gold surged by Rs 275 to Rs 27,300 per 10 grams, silver gained Rs 295 to Rs 40,730 per kg on increased offtake by jewellers and industrial units.
Gold closed at its highest level in nearly two weeks.
Cuts its 2013 price forecast to $1,760 an ounce from $1,850.
Traders said scattered buying by retailers amid a firm global trend, where gold climbed to six-month high, and escalating tension in Ukraine mainly boosted demand for the precious metals as a safe haven.
Silver also shot up by Rs 400 to Rs 34,400 per kg.
The white metal had gained Rs 200 in the previous session.
Gold gained Rs 220 on Tuesday.
Silver also saw a hefty rise of Rs 900 to Rs 42,100 per kg on increased offtake by industrial units and coin makers.
Silver coins dropped by Rs 2,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
Brisk buying for the ongoing marriage season and rising demand from industrial units resulted in this rise.
Traders said besides sustained selling by stockists against subdued demand, strengthening rupee led to persistent fall in prices.
Globally, gold fell 0.14 per cent to $1,250.10 an ounce.
Globally, gold fell by 1.32 per cent to $1,125.40 an ounce and silver by 3.98 per cent to $14.11 an ounce in New York in yesterday's trade.
Globally, gold advanced 0.3 per cent to USD 1,179.35 an ounce in Singapore.
Gold prices jumped by Rs 470 to Rs 30,670 per ten gram in the national capital on Monday on brisk seasonal demand amid a firm global trend.
Gold, which has been on a record setting spree for the past three weeks, rose by Rs 50 to Rs 32,500 per 10 grams.
Gold, which has been on a record setting spree for the past three weeks, rose by Rs 50 to Rs 32,500 per 10 grams.
Silver prices also jumped by Rs 500 to Rs 45,000 per kg on increased offtake by jewellery fabricators and industrial units.
Traders said sustained buying by stockists and retailers for the marriage season amid a firm global trend where gold rallied on signs of increasing demand as holdings in the biggest exchange-traded product expanded the most since 2011, mainly bolstered the sentiment.
Silver, which is currently trading at Rs 68,453 per kilogram, has appreciated 21.7 per cent over the past three months. Investors, however, shouldn't get carried away by its recent performance and put their money in it. Instead, they should evaluate its pros and cons and then take a considered decision based on their risk appetite.
Silver also fell by Rs 400 to Rs 41,000 per kg on poor offtake by industrial units and coin makers.
Silver also spurted by Rs 1,000 to Rs 37,500 per kg.
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The precious metal has lost Rs 100 in the past two days.
From its March 2020 low, Bitcoin has gained a massive 474 per cent and has surged 214 per cent year-to-date.
Traders said brisk buying by stockists for the ongoing wedding season mainly led an upsurge in precious metal prices.
Gold prices on Monday recovered by Rs 25 to trade at Rs 27,475 per 10 grams at the bullion market on pick-up in demand from jewellers.
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