Marketmen said sustained weakness in overseas markets, where gold plunged over 9 per cent on Monday to its lowest level since February 2011, on worries over Chinese growth and possible sell-off by struggling Cyprus's central bank, continued to influence the trading sentiment in New Delhi.
Pessimists argue that India cannot be decoupled from disturbing global trends.
The move was not good for companies which have capital expenditure plans laid out.
Gold on Friday fell from the all-time high level it hit in the previous session, by losing Rs 230 to Rs 29,310 per 10 grams on heavy sell-off by stockists, driven by a sharp fall in global markets.
The Reserve Bank's of India's (RBI's) decision to increase the key short-term interest rates by 25 basis points has been termed as in-line with the street expectations by marketmen.
Liquidity-starved sectors such as infrastructure and realty could be the biggest beneficiaries of the vote of confidence for the UPA.
Marketmen feel the reformist wishlist prescription for the government for next five years though presents a good road-map for future growth but is hard to implement. The Economic Survey mooted the idea of doing away with cess, surcharges on taxes and initiating reforms in petrol pricing and financial sector, besides recommending a disinvestment target of Rs 25,000 crore (Rs 250 billion) annually.
Silver, however, held steady at Rs 37,100 per kg
With only days left for Diwali, gold prices scaled a new high of Rs 16,250 per 10 gram on hectic buying by stockists to meet the enhanced festival demand from retailers and fabricators.
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.
Sugar prices on Tuesday rose to Rs 4,250 per quintal at the wholesale market on increased buying for the current festival and marriage season amid widening demand-supply gap.
The initial public offer of Adani Power, which closed today, got subscribed over 14 times with most of the bids coming in from institutional investors.
A firm overseas trend on Thursday helped gold recover by Rs 100 to Rs 17,300 per ten gram in the bullion market here on fresh buying by stockists amid marriage season demand.
The shares of the company, which operates radio station Big 92.7 FM, opened at Rs 89.75 and soon gained momentum to touch a high of Rs 138.40 on the BSE.
Troubled IT firm Satyam Computer is likely to witness a free fall following its chairman Ramalinga Raju's resignation and his admittance of a major accounting fraud, while analysts expect the scrip may plunge to Rs 20 levels in coming days.
Gold gained Rs 50 and touched a new peak of Rs 16,850 per 10 gram.
sustained inflow of foreign funds kept the market in a cheerful mood.
The National Stock Exchange index, Nifty, also lost 57.05 points at 4,945.20. Marketmen said fears on interest rates going up mainly pulled down banking stocks while a robust rupee and Infosys lowering guidance for the whole year weighed against the IT stocks.
Gold in overseas markets advanced $10.60, or 1.1 per cent, to $1,018.15 an ounce.
Gold on Monday fell by Rs 50 at Rs 16,020 per 10 gram in the bullion market on selling by stockists, sparked by a weakening global trend.
This is one question that's uppermost in the minds of analysts, marketmen and industry experts even as the Company Law Board on Thursday gave the scam-tainted IT firm's stake sale plan the go-ahead.
Globally, gold climbed $12.10, or 1 per cent, to $1,220.40 an ounce.
Gold prices zoomed to an all-time high of Rs 13,850 per 10 gram in the national capital on Wednesday as plunging stock markets and deepening global financial crisis spurred demand for the metal as a safe hedge.
Gold in Singapore, which normally sets price trend on the domestic front, rose 0.5 per cent to $1,206.30 an ounce.
Marketmen said the precious metal sparkled as an secondary investment option in global as well as in domestic markets amid a plunge in stock markets following deepening of credit crisis in the US. Standard gold and ornaments which started on a promising note with a Rs 1,000 each higher at Rs 12,915 and Rs 12,765 per 10 gram, continued to rise and settled Rs 1,205 each higher at Rs 13,120 and Rs 12,970 per 10 gram respectively.
The Bombay Stock Exchange benchmark Sensex today fell by over 150 points ahead of the release of inflation data amid weak international trend as oil prices firmed up globally.
Gold recorded its biggest fall of Rs 1,110 to reach 12,000 per 10 gram in late trading in the bullion market in New Delhi on Thursday on nervous selling by stockists, sparked by weakening global trend. The metal plummeted in London to $905 from its peak of $1,033 on March 17.
Satyam shares on Friday received a severe lashing on the bourses with its shares plunging as much as 84 per cent to just Rs 6.30, but later recovered some of the losses to settle around Rs 20 level.
With a rate cut in the US driving the Sensex beyond 20,000 mark, analysts expect the next thousand point milestone well before the US central bank's next rate review meeting in January.
Silver followed suit and dropped by Rs 325 to Rs 37,100 per kg.
Gold, silver rise on positive global cues.
Sentiments were also bearish largely in tandem with a sell-off in global markets as US Treasury yields surged to multi-year highs on robust economic data and comments from the Federal Reserve, sparking fears of accelerating inflation, brokers said.
Selling pressure gathered momentum after gold in London fell for a fifth session as the dollar strengthened, curbing demand for the metal as an alternative investment. Marketmen said the metal lost its demand among retail customers and moved along with the global trend.
An unprecedented crash in the market, which lost 1,111.70 points on panic selling by investors, forced suspension of trading for an hour.
Gold prices dropped Rs 130 to Rs 29,450 per ten gram in the national capital on Tuesday as demand from jewellers and retailers declined at prevailing levels amid a weak global cues.
For the 50-share NSE Nifty, the close came in at 10,739.35, higher by 47.05 points, or 0.44 per cent
Gold prices declined by Rs 30 to Rs 27,370 per ten gram in New Delhi on Friday as demand from jewellers retailers dried up at prevailing levels to some extent amidst a weak global trend.
Silver ready rose by Rs 100 to Rs 37,000 per kg.
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