Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.9 per cent to $1,327.94 an ounce and silver by 1.6 per cent to $20.61 an ounce.
Marketmen said the persistent fall in gold prices to increased selling by selling after the Reserve Bank eased curbs on import of the yellow metal, allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports.
A drop in demand from local jewellers and retailers at current levels weighed on the prices
Silver rose by Rs 50 to Rs 36,050.
Gold, silver rise on positive global cues.
Imports of gold and silver in February 2013 stood at $5.24 billion. In January this year, they were $1.72 billion.
Silver also plunged by Rs 1,300 to Rs 46,000 per kg on poor offtake by jewellery fabricators and industrial units.
Gold rose by Rs 190 to Rs 31,350 per ten grams in the national capital on Thursday as stockists and retailers remained net buyers of the precious metal for the marriage season amid a firming global trend.
Traders said some buying activity by jewellers and retailers mainly kept gold prices steady.
The government on Friday hiked the import tariff value on gold to $363 per 10 gram in line with global prices.
Gold imports surged by nearly four-fold to $4.17 billion in October to meet the festival season demand.
To check rising current account deficit, the government has raised import duties and the Reserve Bank of India had imposed curbs on import of the yellow metal and also laid down various pre-conditions for inward shipments of the precious metal.
Gold prices were ruling at Rs 26,385 per ten gram at the bullion market while silver was quoted at Rs 34,000 per kg.
Globally, gold in New York, which normally determines price trend on the domestic front, fell 1.18 per cent to $1,198.50 an ounce in Tuesday's trade as strengthening dollar curbed demand for the precious metal.
Gold prices rose further by Rs 10 to Rs 27,500 per ten grams in the national capital today on the back of pick-up in buying by jewellers to meet wedding season demand.
Trading of diamonds especially with a gulf country has come under the lens of intelligence agencies here for suspected terror financing and money laundering.
Gold prices rose further by Rs 210 to Rs 27,210 per ten gram in New Delhi on Wednesday on increased buying by jewellers and retailers to meet upcoming festive and wedding season demand amid a firming global trend.
Gold plunged by Rs 120 to Rs 30,810 per ten gram, while silver lost Rs 280 to Rs 49,670 per kg on falling demand among industrial units and coin makers.
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.
The gems and jewellery industry is staring at a sales washout on Akshaya Tritiya for the second consecutive year as most of the states are under lockdowns due to the raging second wave of the COVID-19 pandemic which has led to negative consumer sentiment, say industry leaders. Akshaya Tritiya, considered as an auspicious day for buying gold and jewellery, falls on May 14 this year. India is the worst-hit among all nations with the second wave of the pandemic, which has been killing more than 3,500 daily and infecting close to 4 lakhs daily for weeks. The massive caseload has nearly paralysed the medical infrastructure.
Royal Bank of Scotland and JP Morgan were also fined over attempts to rig currency benchmarks in a year-long probe that has put the largely unregulated $5 trillion-a-day market on a tighter leash, with dozens of dealers suspended or fired.
Traders said apart from increased buying by jewellers and retailers to meet seasonal demand, a firming trend in global markets on increased tensions in Ukraine and weakening dollar mainly influenced precious metal prices.
Gold prices regained Rs 32,000 per ten gram level after nine months in the national capital on Tuesday on increased stockists buying as rupee plunged to historic low of 66-level.
Silver coins remained steady at Rs 52,000.
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.
Silver followed suit and rebounded by Rs 400 to Rs 44,800 per kg on increased offtake by industrial units and coin makers.
Silver also rose by Rs 100 to Rs 37,400 per kg.
Silver also fell 0.7 per cent to $15.71 an ounce.
Custom authorities have been keeping strict vigil on the cargo movements from Bhutan, Taiwan, China, Afghanistan, South Korea Japan, and Dubai since January.
Both banks and jewelers sell coins and bars, but it is generally costlier to buy it from a bank
Silver also traded higher by Rs 250 to Rs 41,000 per kg on increased offtake by industrial units.
There is a congruence of interests between Ukrainian intelligence and its Western mentors to destroy Wagner and eliminate it from the geopolitical chessboard altogether, argues Ambassador M K Bhadrakumar.
Traders said increased buying by stockists and retailers for the ongoing marriage season amid a firming global trend, as escalating tensions between Ukraine and Russia spur demand for haven assets, mainly led the rise in precious metal prices.
Gold regained its sheen on Wednesday by soaring Rs 315 to Rs 27,565 per 10 grams at the bullion market.
Bullion merchants said sustained buying by stockists on the back of pick-up in seasonal demand and a firm global trend mainly led to the rise in gold and silver prices.
Spot gold was bid lower at $ 1,298 an ounce in early European trade.
Traders said scattered buying by retailers amid a firm global trend, where gold climbed to six-month high, and escalating tension in Ukraine mainly boosted demand for the precious metals as a safe haven.
Traders said heavy selling by stockists against fall in demand at prevailing higher levels mainly kept pressure on gold prices.
Gold has bounced back gaining Rs 825 in the last eight days.
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