The poll-panel called these seizures by its various field and technical enforcement teams a "historic milestone" achieved "for the first time in any assembly electoral process", meaning during simultaneously-held assembly polls.
Gold coins are selling at a Rs 100 per 10 gram premium since Guru Pushya Nakshatra, one of the most auspicious occasions for buying precious metals in western Indian states.
The government on Friday slashed import tariff value of gold to $507 per 10 grams and of silver to $871 a kg following fall in global prices of the precious metals.
Gold prices on Friday tumbled by Rs 360 to Rs Rs 30,060 per 10 grams in the bullion market on Friday, while silver shed Rs 550 on sluggish demand amid weak global cues.
In the wake of rising global prices of precious metals, the government on Thursday hiked import tariff value of gold to $531 per 10 grams, while the value was kept unchanged at $899 per kg for silver imports.
Sharp rupee fall, interest differential on export finance rates may have led to arbitrage in gold.
Gold exchange-traded funds (ETFs) have further lost favour among Indian investors.
On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 25 each to Rs 27,300 and Rs 27,100 per 10 grams, respectively.
Gold prices have come down to Rs 27,790 per 10 grams in the national capital this month from the high of Rs 32,990 per 10 grams in April.
Gold production in India has dwindled in recent times.
Government measures and rising gold price decreased demand for the noble metal.
After losing Rs 730 in last six sessions after the Reserve Bank of India eased imports curbs by scrapping 80:20 scheme, gold staged a strong comeback by rising Rs 840 to close at Rs 27,040 per ten grams, a level last seen on October 30.
Gold prices fell due to persistent selling by stockists triggered by a heavy sell-off in global markets.
Poor demand at existing higher levels further dampened the trading sentiment, traders said.
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 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.
Bullion traders said a weakening trend in global markets, as the dollar's strength eroded demand, mainly put pressure on the precious metal.
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International Monetary Fund has completed the sale of 403.3 tonnes of gold, as part of its two-year efforts to bolster the lender's finances that also saw India's central bank purchasing 200 tonnes of the precious metal last year.
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Silver followed suit and traded higher by Rs 200 at Rs 34,200/kg.
Gold will first slide to $1,310-1,325 early next year on profit booking. But, the precious metal will get good buying support from central banks in Asia and West Asia regions, who are looking for opportunities to increase their gold portfolio.
Gold continued with its record setting spree, climbing to a new peak of Rs 18,810 per ten grams in the national capital today on frantic buying for the ongoing marriage season amid a firming global trend.
The precious metal, which has been on an upward swing since last two weeks, shot up by Rs 240 to Rs 31,850 per 10 grams in the national capital region, surpassing previous record of Rs 31,725 set on September 1.
Overall trade with China grew by about 66 per cent during the period, raising hopes of achieving the trade target of $60 billion this year.
Traders said some demand for the festive season mainly supported the rise in prices of both the precious metals.
Industry representatives say the government may be tempted to raise the duty on gold and silver by Rs 100 per 10 gram and Rs 500 per kg, respectively, to earn extra revenue at a time the economy is facing several challenges.
The past year saw some spectacular rallies in silver with prices rising 80 per cent on perception of it being a store of value, continuing shrinkage of above-ground refined silver and demand staying ahead of supply.
Traders said besides increased offtake by jewellers, both precious metals improved on some buying by investors who shifted their money from easing equities to the bullion.
As global markets near all-time highs driven by liquidity, Marc Faber suggests most asset prices worldwide are inflated.
As the stock markets scale new peaks almost every day in a pre-poll rally, a vast majority of Indian investors expect a further rise in equities in the current year, says a survey.
Gold futures for February delivery closed at in the red on weekly basis after reaching a record $1,432.50 an ounce on December 7. This week, the gold dropped 1.51 per cent or $21.30, the most since mid-November on concern that China may tighten monetary policy eroded demand for precious metals.
Gold also moved up by Rs 70 to Rs 20,430 per 10 grams on rising jewellery demand, reaching nearer to its record level of Rs 20,600 per 10 grams set on November 11.
Continuing on its record-setting spree, gold gained another Rs 133 to yet another high of Rs 19,833 per ten grams in futures trade today after the precious metal soared to an all-time high overseas.
A weak trend was noticed in Mumbai, as gold of 99.9 and 99.5 per cent purity slipped by Rs 60 each to Rs 30,540 and Rs 30,390 per ten gram respectively, while silver lost Rs 200 at Rs 45,600 per kg.
Gold prices will rise next year as the financial crisis pushes more investors into the precious metal safe haven, according to delegates polled on Tuesday during the London Bullion Market Association annual meeting in Kyoto.
After surging to Rs 16,220 level in September, gold prices slightly eased at a time when festival and marriage season is about to pick up.
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