Traders said lack of buying support from retailers and jewellers who preferred to keep their activity restricted, anticipating further fall in coming days, mainly kept gold prices unchanged.
Tracking a weak trend overseas and low demand from domestic jewellers and retailers, gold prices plunged by Rs 200 to Rs 26,350 per ten gram in New Delhi on Monday.
Traders said emergence of buying at prevailing lower levels by jewellers and retailers mainly supported the upside in prices of precious metals.
Traders said fall in demand from jewellers and retailers due to end of festive season and a weak global trend where gold retreated from a six-week high as investors expected the Federal Reserve to end its bond-buying programme this week, eroding safe-haven demand, mainly pulled down precious metal prices here.
Globally, gold prices slipped by 0.26 per cent to $1,246.20 an ounce in early trade in London.
Gold continued its rising streak for the third day and rose by Rs 20 to Rs 27,860 per ten grams in New Delhi on Friday on festive season demand from jewellers and retailers amid a firming global trend.
Silver also recovered by Rs 500 to Rs 37,300 per kg.
Marketmen said increased buying by jewellers and retailers to meet the festive season demand amidst a firming global trend mainly kept precious metals higher.
gold prices fell by Rs 210 to Rs 26,600 per 10 grams.
Gold prices hit one-month lows at the bullion market on Wednesday on sustained selling from stockists and investors in the backdrop of a crash in global market, while silver hit two-and-a-half-year low.
After Wednesday's rise, gold prices drifted by Rs 190 to close at Rs 27,610 per ten gram in New Delhi on easing demand from jewellers and retailers amidst a weak global trend.
This will encourage exports and discourage non-essential imports such as precious metals
Silver also dived by Rs 600 to Rs 40,600 per kg.
In dollar terms, however, gold prices jumped by 26 per cent this calendar year, following sharp jump in hedge funds' long position
The precious metal had gained Rs 325 in the previous two sessions.
Silver also dropped for the fifth straight day and declined further by Rs 375 to Rs 39,250 per kg on reduced offtake by industrial units and coin makers.
Traders said subdued demand from jewellers and retailers at prevailing levels and a weak global trend led to fall in gold and silver prices.
Gold surged by Rs 325 to trade at over three-month high of Rs 27,890 per 10 grams at the bullion market on Thursday.
Jewellers across the country will go on a 'token strike' on August 23 against the "arbitrary implementation" of mandatory hallmarking of gold jewellery, All India Gem and Jewellery Domestic Council (GJC) said on Friday. The strike will be supported by 350 associations and federations from all four zones of the entire gems and jewellery industry, the GJC claimed. Mandatory gold hallmarking has come into force from June 16 in a phased manner. The government has identified 256 districts from 28 states and union territories for the phase-1 implementation.
Gold prices rose by Rs 190 to Rs 27,190 per 10 grams at the bullion market on Friday.
Gold prices recovered by Rs 100 to trade at Rs 27,200 per 10 gm at the bullion market.
In order to check rising current account deficit, the government had raised import duties on the yellow metal to 10 per cent while Reserve Bank of India imposed curbs on import of gold and also laid down various pre-conditions for inward shipments of the precious metal.
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The precious metal has lost Rs 100 in the past two days.
Giving more freedom to individuals travelling abroad, they may soon be allowed to spend $2 lakh overseas in a year as against the present ceiling of $75,000.
In Mumbai, gold of 99.9 and 99.5 per cent purity traded at Rs 29,915 and Rs 29,765 per ten gram, while silver enquired at Rs 45,450 per kg.
Silver also rose 0.8 per cent to $16.63 an ounce.
The slide in gold continued for the second straight day, with prices tumbling by Rs 200 to Rs 28,100 per ten gram at the bullion market on Friday largely in tandem with a weakening trend overseas amid low demand from jewellers.
Gold prices fell by Rs 100 to Rs 28,300 per 10 grams at the bullion market on Tuesday.
Traders said reduced offtake by stockists and retailers at existing higher levels amid a weak global trend as US economic data reinforced concern that the Fed will begin trimming stimulus measures, curbing demand for precious metals as a haven, mainly pulled down the bullion prices.
Indian markets may see some weakness in stocks post Fed hike.
Silver ready rose by Rs 350 to Rs 33,850 per kg.
The government on Friday hiked import tariff value on gold to $401 per 10 grams and on silver to $543 per kg in line with global price trends.
'For me the sari is a truly unique and versatile garment that owns its identity even as it transcends boundaries and geographies,' Sabyasachi wrote. 'Back when I was a young fashion student, I often wondered when I would see the sari at big global fashion events like the Met Gala.'
Gold in New York, which normally sets price trend on the domestic front, fell 1.2 per cent to USD 1,207.70 an ounce silver by 2.9 per cent to USD 16.56 an ounce in yesterday's trade.
Bullion traders attributed the fall in gold prices to a weakening global trend after the US added the largest number of jobs in almost three years, fuelling concerns that the Federal Reserve will move closer to raising interest rates.
Traders said fall in demand due to ongoing 'Sharads', an inauspicious fortnight in Hindu mythology for making fresh purchases mainly pulled down the precious metals.
Gold is up 0.8 per cent for the week, after hitting a near-two-week high earlier in the week.
Traders said the sentiment remained bearish as gold slumped to a five-week low in overseas markets on speculation that the US Federal Reserve will taper asset purchases.
Gold prices jumped by Rs 650, its biggest gain since June 20, to close at Rs 26,450 per 10 grams in New Delhi on Saturday on emergence of buying by jewellers and retailers amidst a rebound in global markets.
Sentiments remained firm in precious metals on sustained buying by jewellers and retailers to meet ongoing festive season demand.
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