Silver recovered by Rs 100 to Rs 36,950 per kg.
Indian demand fell 26 percent to 190.3 tonnes in the first quarter of 2014 from the same period a year earlier.
Silver also recorded a sharp fall of Rs 1,000 to Rs 37,400 per kg.
Gold imports in 2011-12 amounted to $56.5 billion and in the current financial year, till December, they are estimated at $38 billion.
Corporate houses are adding sheen to the domestic commodity exchanges now.
Silver also dropped Rs 560 to Rs 36,440 per kg.
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Silver also recorded a significant rise of Rs 950 to Rs 38,750 per kg.
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India is scrambling to crack down on a new gold smuggling tactic that it fears could accelerate a flood of illegal imports of the precious metal into the world's second-biggest buyer.
According to Ketan Shroff of Pushpak Bullions Pvt Ltd, "Traders are selling at Rs 14,900 -- 14,950 per 10 gm presently, which was Rs 100-150 lower than the landed cost." He added, "The consumer price depends upon customers' needs as some in dire need of money sell at prices lesser than Rs 14,900 per 10 gm while others attract customers through price negotiations."
Generally, it has been seen that commodity prices are driven higher by surging demand throughout the world. But the irony is that the latest surge comes amid concerns about a weaker global economy. At present, commodities prices are rising because the U.S. interest rates are falling below the rate of inflation.
The hallmarking of gold, which is voluntary in nature at present, is a purity certification of the precious metal.
In 2013, the world gold exports were $283 billion approximately.
Sri Lanka, Thailand and Singapore are the latest hotspots as authorities crack down on travellers from Dubai.
In New York, gold rose to an all-time high of $1,782.50 an ounce.
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.
The risk inherent in gold buying at any point explains why funds dedicated to the metal, here and abroad, are not promoted heavily.
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.
S Saraswathi introduces readers to the beautiful Sri Venugopalaswamy Temple in Gopalapuram, Chennai.
The yellow metal on Wednesday hit a new record at the New York Mercantile Exchange at $1,148.10 an ounce (28.34 grams) for the December delivery following a 0.37 per cent dip in the dollar index.
Gold gained Rs 50 and touched a new peak of Rs 16,850 per 10 gram.
Gold on Wednesday hit a fresh all-time high by adding Rs 100 to Rs 30,400 per 10 grams on brisk buying by stockists triggered by a firming global trend.
In India, gold breached all previous records to hit the high of Rs 14,320 per 10 gm taking consumers and stockiest out of the trading floors.
NSEL, has up to Rs 500 crore (Rs 5 billion) daily turnover in e-golds.
Gold prices are likely to rise by up to Rs 700 per 10 gram in the short term with tapered demand following the government decision to hike import duty on the precious metal, according to jewellers and analysts.
The enforcement agencies during the first nine months of 2013-14 have seized 1,074.41 kg of gold
D Subbarao reiterated concerns over rising gold imports and its pressure on current account deficit.
It's a precious metal, but the cheapest, gives good returns and is easy to buy at diverse quality outlets.
Recent months been worse for investors in gold mining companies.
The government took steps to curb imports of gold after concerns about the country's current account deficit.
The demand for the precious metal stood at 202.1 tonnes in the same quarter last year.
Breaking all previous records, gold prices on Saturday surged to a new peak at Rs 16,349 per 10 gram in futures trade, as traders increased their exposure in the precious metal following melting stock and forex.
Jiaolong, China's manned submersible, has descended to a depth of 3,117 meters in the northwestern Indian Ocean and collected variety of precious metals.
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.
Why millennials are choosing silver over gold this Valentine's Day.
The Dubai Gold and Commodities Exchange, set up by Dubai and two partners from India and the first electronic multi-commodity derivatives exchange in the Middle East, will commence trading in November this year in precious metals contracts.
The World Gold Council (WGC) said the recent fall in gold prices was driven by speculative traders in the futures markets.
Global appetite for gold fell 21 per cent in the third quarter as outflows from physical bullion funds and the drop in buying from India offset firmer jewellery, coin and bar sales, a quarterly report from the WGC showed on Thursday.
However, the tariff value for silver has been lowered to $920 per kg, according to a notification released by the Central Board of Excise and Customs on Tuesday.
Another PSU has entered the arena of bullion Futures market. In a recent development, the Handicrafts & Handlooms Exports Corporation of India, a PSU under the ministry of textiles, has started hedging in bullion metals at the Multi Commodity Exchange. According to the PSU officials, it has hedged Rs 13 crore in gold and silver over the last one month.
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