Traders said sentiment turned somewhat weak after gold fell in global markets ahead of US payrolls data that may show employers added more workers last month, boosting the case for an increase in borrowing costs in the largest economy.
Traders said sentiments remained weak due to fall in demand from jewellers and retailers amidst gold retreating in global markets.
The contraction in imports helped narrow trade deficit to $7.67 billion in August 2016
Gujarat tops the chart with total seizure worth over Rs 510 crores, followed by Tamil Nadu at Rs 270.15 crores, Andhra Pradesh over Rs158 crores, Punjab Rs 155.91 crores and Uttar Pradesh Rs 142.31 crores.
Traders said sentiment bolstered after gold jumped to a one-month high in overseas markets as expectations the US Federal Reserve will sustain stimulus hurt the dollar, and raised demand for precious metals as an alternate investment.
The proposed India-Israel trade pact should be beneficial to both nations and until New Delhi gets a good deal, it would not do an agreement, Commerce and Industry Minister Piyush Goyal said. India and Israel are negotiating a free trade agreement (FTA) since May 2010. "With Israel, until we get a good deal, we will not do an FTA. It has to be reciprocally beneficial," the minister said in San Francisco on Tuesday while interacting with the Indian community.
Govt proposes to introduce redeemable gold bonds.
The government on Tuesday slashed the import tariff value on gold and silver to $59 per 10 grams and $ 470 per kg respectively, following weak global cues.
Gold remained weak for the second straight day and prices fell by another Rs 190 to Rs 26,810 per ten grams.
Bullion traders said besides increased buying by jewellers and retailers to meet festive season demand, a firming global trend amid escalating tensions over Ukraine has raised demand for a safe-haven, resulting into influence on gold prices here too.
Gold tumbled by Rs 310 to Rs 30,290 per ten grams in the national capital today on heavy sell-off by stockists and a weak global trend.
At the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 20 each to Rs 30,180 and Rs 29,980 per ten grams, respectively.
Silver surged by Rs 1,575 per kg on higher speculative and industrial offtake.
Gold in London, which normally sets price trend on the domestic front, fell by 0.1 per cent to $1,314.99 an ounce and silver by 0.3 per cent to $20.91 an ounce.
Silver halted its four-day rising trend and declined by Rs 65 to Rs 41,000 per kg.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
Traders said sustained selling by stockists against sluggish demand amid a weakening global trend, where gold dropped below $1,200 an ounce as the Federal Reserve scaled back monetary stimulus, mainly kept pressure on precious metals.
Silver also turned weak and declined by Rs 400 to Rs 42,600 per kg on poor offtake by industrial units and coin makers.
Traders said sentiment turned bearish on emergence of stockists selling at existing higher levels amid weak global trend as improving economic growth reduced demand for the precious metals as an alternate investment.
Silver followed suit and shed Rs 100 to Rs 36,050 per kg.
After rising for two days, gold prices went down by Rs 100 to Rs 26,850 per 10 grams at the bullion market on Tuesday, tracking a weak global trend amid slackened demand from jewellers.
Silver also recovered by Rs 250 to Rs 37,300 per kg.
Gold price recovered a bit on favourable cues from global markets.
Silver also dropped by Rs 300 to Rs 38,400 per kg.
Gold prices on Monday drifted by Rs 105 to trade at a three-week low of Rs 27,225 per ten grams.
Traders said brisk buying by stockists for the ongoing wedding season mainly led an upsurge in precious metal prices.
Gold prices on Monday recovered by Rs 25 to trade at Rs 27,475 per 10 grams at the bullion market on pick-up in demand from jewellers.
Silver also rebounded by Rs 530 to Rs 43,930 per kg on increased offtake by industrial units and coin makers. It had lost Rs 100 on Wednesday.
The precious metal had gained Rs 1,240 in the last eight days.
Dealers expect prices to fall further, owing to an impending rate hike in the US
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Silver declined by Rs 200 to Rs 38,550 per kg.
Silver also dropped by Rs 400 to Rs 35,650 per kg.
While gold fell by Rs 400 to Rs 28,000 per 10 grams, silver plunged by Rs 1,500 to Rs 43,100 per kg on poor offtake.
Silver also slumped by Rs 1,700 to Rs 37,200 per kg.
Gold slips by Rs 150 on low demand.
Gold in New York, which normally set price trend on the domestic front, rose by 0.2 per cent to $1,186.20 an ounce and silver by 1.1 per cent to $15.76 an ounce in Thursday's trade.
Gold plunged by Rs 340 to Rs 30,660 per ten grams in the national capital on Friday on fall in demand amid a steep decline in the global markets.
A moderate GST rate obviates the need for the two-rate structure.
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 drifted lower by Rs 200 to trade at one-week low of Rs 31,050 per ten grams.
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