At the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 20 each to Rs 30,180 and Rs 29,980 per ten grams, respectively.
Gold prices ruled steady at Rs 27,250 per 10 grams in restricted activity at the bullion market on Monday.
Bullion traders attributed the rise in precious metal prices to emergence of buying by jewellers and retailers driven by ongoing 'Navratras', considered as an auspicious week for making new purchases according to Hindu mythology.
Gold prices surged by Rs 150 to trade at Rs 17,140 per ten gram in New Delhi on heavy buying due to a steep rise in the metal's prices in the overseas market as the dollar weakened.
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Sluggish economy, high bullion prices and consumer shift towards cheaper gifting options such as electronic goods and mobiles have taken the sheen off gold
Bullion traders said besides ongoing wedding season demand, a firm global trend as the weakening in dollar revived the appeal of the metal as an alternative investment, mainly boosted the sentiment.
After demonetisation, demand jumped as many people with unaccounted money bought the yellow metal.
Silver coins remained steady at Rs 52,000.
Traders said sustained selling by stockists against sluggish demand amid a weakening global trend, where gold dropped below $1,200 an ounce as the Federal Reserve scaled back monetary stimulus, mainly kept pressure on precious metals.
The rule required firms to mandatorily export 20 per cent of the gold they had imported.
Traders said besides reduced offtake by stockists and jewellers in view of off-marriage season, weak trend in global markets mainly led to the fall in gold and silver prices.
Tariff value is the base price on which the customs duty is determined to prevent under -invoicing.
In the first phase the yellow metal sold in four metro-Delhi Mumbai Kolkata and Chennai would compulsorily have hallmarking, assuring the purity, while the rest of the country would have to implement the norms in the next few months.India consumes on an average 800 tonnes of gold each year.
Gold import in the December quarter is estimated to come down.
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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.
Bullion traders said subdued demand at current levels and a weak global trend mainly pulled down both gold and silver prices.
The yellow metal has risen 6.6 per cent since mid-August
According to data compiled by London-based Gold Field Minerals Services (GFMS) for the World Gold Council (WGC), the combination of a robust economy and buoyant stock market helped fuel purchases of the metal during the first eight to nine months of the year, despite gold breaching the psychologically significant level of Rs 9,000 per 10 grams in September.
Reliance Money, investment product distribution arm of Anil Dhirubhai Ambani Group, is foraying into retailing of its own brand of gold coins, which would be made exclusively by Swiss precious metal refining major Valcambi.
The import tariff value is the base price at which the customs duty is determined.
The Association of Gold Loan Companies on Monday said it had advised members to reduce their maximum lending rate following the decline in the price of the yellow metal.
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Silver also recorded a significant rise of Rs 950 to Rs 38,750 per kg.
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.
China produced the most gold in world last year, making it the largest producer for the sixth straight year even as it remained the second largest consumer of the yellow metal after India.
Gold fell by Rs 170 to Rs 31,680 per ten grams in the national capital on Monday on stockists selling on the back of sluggish demand amid weak global trend.
Gold price softens as demand dips.
It should always be remembered that investment in physical gold must always be in the form of coins/bars and should be in addition to the jewellery held by the household.
Globally, gold traded a shade higher at $1,210.15 an ounce.
Dressed in a Gucci gold silhouette, the model looked gorgeous.
She was utter perfection in the high-shine standout piece.
Track and field athletes led India's gold rush on the third day of competitions at the 13th South Asian Games as the country added a whopping 29 medals to jump to the top of the medals tally, in Kathmandu, on Wednesday.
Traders said emergence of buying at existing lower levels to meet the ongoing marriage season demand mainly led to recovery in gold prices.
Chidambaram said he expected gold imports to touch $40 billion in the current fiscal year to end-March, down 31 percent from the year-ago bill of $58 billion.
Silver coins, however, held unchanged at Rs 70,000.
Gold prices have come down to Rs 27,790 per 10 grams in the national capital this month from the high of Rs 32,990 per 10 grams in April.
CAD touched a historic high of $88 billion in 2012-13.
Snapping its six-day, record-making journey, gold's dream to climb the 18-K level was shattered as the yellow metal tumbled on the bullion market in Mumbai on Friday on frantic selling by stockists triggered by a sharp fall in international markets.
