Silver also lost Rs 550 to Rs 36,350 per kg on poor offtake by industrial units and coin makers.
Traders said sentiment turned weak largely in tandem witha weak trend overseas where gold fell to 8-month low after the Federal Reserve raised its interest-rate forecasts this week, strengthening the dollar, reduced the metal demand.
The worsening demand for jewellery has already started impacting jobs and karigars or goldsmiths.
Marketmen said increased buying by jewellers and retailers to meet the festive season demand amidst a firming global trend mainly kept precious metals higher.
Traders said heavy selling by stockists against fall in demand at prevailing higher levels mainly kept pressure on gold prices.
In line with overall trends, silver ready recovered by Rs 150 to Rs 36,800 per kg and weekly-based delivery by Rs 175 to Rs 36,800 per kg.
Sentiments remained firm in precious metals on sustained buying by jewellers and retailers to meet ongoing festive season demand.
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Silver followed suit and lost Rs 645 at Rs 42,880 per kg on reduced offtake by industrial units and coin makers.
Silver, however, recovered by Rs 50 to Rs 36,800 per kg
Silver also rose sharply by Rs 640 to Rs 35,700 per kg.
Silver also dropped by Rs 300 to Rs 38,400 per kg.
Gold hallmarking is a purity certification of the precious metal and is voluntary in nature at present.
Traders said stockists booking profits at prevailing higher levels following a rise of Rs 350 against sluggish demand mainly kept pressure on gold prices.
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.
Gold prices rose by Rs 190 to Rs 27,190 per 10 grams at the bullion market on Friday.
India's gold imports, which have a bearing on the country's Current Account Deficit (CAD), rose 6.4 per cent to $12.9 billion during April-July this fiscal due to healthy demand, according to government data. The imports stood at $12 billion during the same period a year ago. In July 2022, however, imports of the precious metal fell sharply by 43.6 per cent to $2.4 billion, as per the latest data released by the commerce ministry.
Gold price in Mumbai's physical market on Friday fell 31.1 per cent or Rs 1,351 to close at Rs 41,848 per 10 gramme. Friday's fall in per cent terms is worst after November 2015 and, in absolute terms, the worst after August 2013. Silver prices fell Rs 2,255 to close 5 per cent lower at Rs 43,085 per kg on Friday.
Gold in New York, which normally sets price trend on the domestic front, fell 1.2 per cent to USD 1,207.70 an ounce silver by 2.9 per cent to USD 16.56 an ounce in yesterday's trade.
Silver also drifted by Rs 450 to Rs 37,650 per kg.
Gold is an excellent asset class for diversification and should be included in all long-term portfolios.
Those selling ornaments with lower purity might now offer hefty discounts in order to get rid of non-hallmarked stocks
Gold prices on Monday drifted by Rs 105 to trade at a three-week low of Rs 27,225 per ten grams.
Silver also rebounded by Rs 570 to Rs 38,100 per kg on increased offtake.
The precious metals had lost Rs 210 in the previous session.
Silver eased by Rs 150 to Rs 37,100 per kg lacking necessary buying from industrial units.
Globally, gold lost 0.4 per cent to $1,274.19 an ounce in Singapore.
Silver followed suit and dropped by Rs 325 to Rs 37,100 per kg.
gold prices fell by Rs 210 to Rs 26,600 per 10 grams.
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Silver declined by Rs 200 to Rs 38,550 per kg.
Gold continued its upward trend for the sixth straight day and gained another Rs 190 to Rs 26,190 per ten gram at the bullion market on Thursday.
The correlation between crop yield and expenditure on gold is positive.
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.
Silver also fell for the third day.
Silver also surged by Rs 1,050 to Rs 35,500 per kg on increased offtake by industrial units and coin makers.
Traders said reduced offtake by stockists at prevailing higher levels and sluggish demand mainly kept pressure on both gold and silver prices.
Bullion merchants said increased buying by jewellers and retailers to meet wedding season demand and a firming trend overseas where gold surged to one-month high, mainly boosted the sentiment.
Gold prices recovered by Rs 100 to trade at Rs 27,200 per 10 gm at the bullion market.
Metal sector is not too happy from Budget announcements for the sector
Silver also recorded a steep fall of Rs 1,550 to Rs 34,450 per kg.
Silver also slumped by Rs 1,700 to Rs 37,200 per kg.
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