Silver coins shot up by Rs 1,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.
In Mumbai, gold of 99.9 and 99.5 per cent purity fell by Rs 160 and Rs 170 to Rs 29,780 and Rs 29,630 per ten grams, respectively; while silver gained Rs 60 to Rs 44,500 per kg.
Silver surged by Rs 1,575 per kg on higher speculative and industrial offtake.
Surging gold prices set yet another record of Rs 15,800 per 10 gram in the national capital on Thursday in line with the surging global bullion markets on speculation that the global recession will deepen further.
Silver also reclaimed the Rs 34,000 per kg mark.
Price up on weak dollar and strong demand
Gold prices spurted to set a new closing peak at Rs 9,200 per 10 gram on the bullion market on Tuesday on aggressive buying by stockists and jewellery fabricators triggered by surging overseas trend.
Gold prices zoomed across the country on Saturday to touch an all-time high of Rs 6730 per ten gram in Kolkata on revival of buying by stockists enthused by a firm trend overseas.
Gold imports by India, the world's largest consumer, are expected to take a knock in the coming weeks due to a surge in global prices and the off-season at home.
Diversion of funds towards the surging equity weighed on the precious metal's price
Up 37% in December quarter, nearly 70 per cent over the year, a fourth of entire global intake.
Silver also surged by Rs 1,050 to Rs 35,500 per kg on increased offtake by industrial units and coin makers.
Prices of the precious metal zoomed by Rs 260 to Rs 18,660 and ornaments by a similar margin to Rs 18,510 per ten grams.
Gold prices regained Rs 32,000 per ten gram level after nine months in the national capital on Tuesday on increased stockists buying as rupee plunged to historic low of 66-level.
Silver also turned weak and prices eased by Rs 100 to Rs 36,900.
Both gold and silver tumbled on the bullion market on Thursday on fresh selling by stockists and weak global trend, recording substantial losses.
The rise in consumer price index (CPI) inflation could see the Reserve Bank of India (RBI) in an extended pause mode as regards interest rates, and in turn, keep the market rally in check, believe analysts. Signs of inflation cooling off in the US, however, is likely to provide some cushion as the expectations of a change in stance by the US Fed as regards interest rates is likely to aid sentiment. Back home, CPI inflation surged for the first time in five months to 4.81 per cent in June 2023, and was higher than the street's expectations of 4.58 per cent.
WGC expects demand to revive in H2 on surplus monsoon rains
The precious metal spurted to regain Rs 27,000 level after June 24 as it rose in global markets following Federal Reserve Chairman Ben S Bernanke backed sustained stimulus for the for some time.
Gold prices on Thursday fell from record high by plunging Rs 1,575 to Rs 32,325 per ten gram on profit-selling by stockists driven by recovery in rupee amid a weakening global trend.
The December meeting of the Reserve Bank of India's (RBI's) six-member Monetary Policy Committee (MPC) will start on Wednesday even as there is no clarity on whether Governor Shaktikanta Das, the chair of the panel, will continue in office after his term ends next week. The outcome of the meeting will be announced on Friday by Das at 10 in the morning.
Silver also recovered by Rs 500 to Rs 37,300 per kg.
The government on Wednesday raised the import tariff value of gold at $430 per ten grams and that of silver to $639 per kg as prices of the precious metals have risen in the global market.
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Silver also declined by Rs 75 to Rs 50,610 per kg on lack of buying support after steepest rise in last week.
Traders said subdued demand from jewellers and retailers at prevailing levels and a weak global trend led to fall in gold and silver prices.
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Traders said heavy selling by stockists, triggered by a weak global trend, led to the fall in prices of gold and silver.
Gold for delivery in far-month February contract surged to Rs 16,785 per 10 grams before slipping 0.58 per cent to Rs 16,774 per 10 gram in a turnover of 164 lots.
While gold zoomed up by Rs 410 to Rs 30,810 per ten gram, silver jumped up by Rs 990 to Rs 51,200 per kg on increased offtake by stockists on the back of firm global trend.
Traders said fresh buying by industrial units and coin makers along with higher global trend mainly led the recovery in silver prices.
The rupee was trading lower at Rs 61.38 after dipping to 61.74 (intra-day).
Mumbai, May 14 (PTI) The massive spike in trade deficit caused by sharp rise in gold imports in April would not sustain and there is no need to get excessively worried over the data, analysts have said. They also said the current account deficit or the difference between the foreign exchan ...
The inflows meant assets under management of gold ETFs climbed by over 4 per cent to Rs 13,503 crore at the end of August from Rs 12,941 crore at July-end.
Gold in Singapore, which normally determines price trend on the domestic front, lost 0.90 per cent to $1,132.16 an ounce, the lowest since April 2010 and silver dropped by 2.3 per cent to $15.06 an ounce, the lowest since February 2010.
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.
Want a racing certainty for the coming year? Take a look at the dollar and gold... Who can say what 2008 may bring? A post-Olympics crash in China, perhaps, tipping its near-10 per cent annual rate of expansion into an historic slump.
Silver also jumped Rs 950 to Rs 44,750 per kg on increased offtake by jewellers and industrial units.
Automobile, apparel and electronics are among sectors that see a sales boost during the festival season, a time when investors expect gains in related stocks. This year could be different: Analysts have factored in all positives and do not expect such stocks to deliver lucrative returns. "Indian households spend across sectors like automobiles, consumer durables, and consumer staples during the festival season.
Gold prices firm up on global cues.
Gold in Singapore, which normally sets price trend on the domestic front, fell from three-month high by declining 0.6 per cent to $1,312.48 an ounce.
In Delhi, gold of 99.9 and 99.5 per cent purity zoomed up by Rs 650 each to Rs 27,470 and Rs 27,270 per 10 grams respectively.
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