Silver also surged by Rs 1,050 to Rs 35,500 per kg on increased offtake by industrial units and coin makers.
Gold prices in India have been escalating very fast of late and in the last week of April, it scaled a new peak by adding Rs 50 to a record price of Rs 22,520 per 10 grams.
Gold prices fell by Rs 30 to Rs 27,160 per 10 grams at the bullion market on Saturday.
Jewellers in India, the world's second largest gold consuming country after China, have started receiving more inquiries for purchase of gold or silver immediately after the Reserve Bank's announcement to withdraw Rs 2,000 notes from circulation. However, there is no panic buying of the precious metal unlike the situation witnessed in 2016 during demonetisation, jewellers body GJC said on Sunday. In fact in the last two days, the actual gold purchase has been less in exchange of Rs 2,000 notes due to strict Know your Customer (KYC) norms although sources said some jewellers have started charging a 5-10 per cent premium, taking the gold prices to Rs 66,000 per 10 grams level.
Gems and Jewellery Export Promotion Council (GJEPC) has urged the government to reduce import duty on gold to 4 per cent from 7.5 per cent and a special package for the sector in the forthcoming Budget to boost shipments. As part of its pre-Budget recommendations, the council has also suggested a reduction in the import duty on cut and polished diamonds; cut and polished precious and semi-precious gemstones from 7.5 per cent to 2.5 per cent. "If (gold) imported at 4 per cent duty rate....working capital amounting to Rs 225 crore would be blocked instead of Rs 500 crore," the council said in a statement.
Silver also eased by Rs 320 to Rs 35,780 per kg.
Silver coins continued to be traded at last level of Rs 48,000.
Snapping its two-day losing streak, gold prices on Wednesday rebounded by Rs 120 to Rs 28,420 per ten grams at the bullion market in New Delhi on revival of buying by jewellers to meet ongoing wedding season demand even as metal retreated overseas.
Let's take a look at divisible gold bars at a refiner and bar manufacturer in Swiss town of Balerna.
On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 625 each to Rs 31,750 and Rs 31,550 per ten gram, respectively. Sovereign followed suit and rose by Rs 200 to Rs 25,100 per piece of eight gram.
Investors looking to make a quick buck from the yellow metal should hold on for now.
Researchers from the University of Southampton have discovered that by embossing tiny raised or indented patterns onto the metal's surface, they can change the way it absorbs and reflects light -- ensuring our eyes don't see it as 'golden' in colour at all.
Globally, gold lost 0.4 per cent to $1,274.19 an ounce in Singapore.
Silver also eased by Rs 150 to Rs 41,700 per kg.
Silver, however, found some buying support.
Silver also remained under selling pressure.
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 price softens as demand dips.
Silver also edged higher by Rs 100 to Rs 36,100 per kg.
Given prices of the latter are at an all-time high, it makes sense to opt for cheaper precious metals.
Globally, gold rose 0.83 per cent to $1,290.90 an ounce and silver was up 0.79 per cent to, $17.92 an ounce in London in early trade on Tuesday.
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In line with overall trends, silver ready traded lower by Rs 350 to Rs 36,950 per kg and weekly-based delivery by Rs 480 to Rs 36,945 per kg.
The precious metal is understood to have arrived in large quantities through official channels, including direct import by export-oriented units, in the last week of March.
Silver followed suit and recovered Rs 400 to Rs 34,100 per kg.
Lower imports has helped narrow trade deficit to $9.92 billion in January from $18.7 billion.
Traders said reduced offtake by stockists at prevailing higher levels and sluggish demand mainly kept pressure on both gold and silver prices.
Regardless of market levels, invest in stocks and equity mutual funds in a staggered manner.
Gold has been a valuable and highly sought-after precious metal for coinage, jewellery, and other arts since long before the beginning of recorded history.
The government and the Reserve Bank had also imposed certain other restrictions on its shipments, including linking of imports to exports to prevent outgo of the foreign exchange.
Traders said sluggish demand due to ongoing 'Sharads', an inauspicious fortnight in Hindu mythology to make fresh purchases, mainly kept the precious metals lower.
The precious metal had gained Rs 335 in the last two days.
Traders said the fall in gold prices was mostly in line with a weak trend in the global markets as signs of easing tensions in Ukraine curbed demand for the precious metal as a haven.
Silver also rose further by Rs 100 to Rs 37,600 per kg.
Cases of arsenic poisoning are on the rise in areas near gold mines in Karnataka.
The precious metal had gained Rs 435 in the previous three sessions.
The government on Thursday said nearly 7,000 jewellers have been granted hallmark licences after the quality standards, or hallmarking, for gold were launched in 2001.
The Commerce and Industry Ministry is pitching for easing of the gold import restrictions to boost gems and jewellery exports
Silver also spurted by Rs 1,800 to Rs 44,900 per kg on increased offtake by industrial units and coin makers.
The government on Friday slashed the import tariff value on gold and silver to $405 per ten gram and $642 per kg, respectively, in line with global trends.
It is the 166th birthday of Russian jeweller Peter Carl Faberge today.
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