Globally, gold in London was trading 0.58 per cent lower at $1,148.20 an ounce and silver shed 0.24 per cent to $14.75 an ounce.
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Gold prices firmed up further and reclaimed the key psychological Rs 30,000 per 10 grams mark at the domestic bullion market on continued retail buying support amid buoyant overseas sentiment.
Silver has been quoting at a premium in India since mid-March because of huge scarcity.
Gold prices surged by Rs 150 to trade at fresh three-month high of Rs 27,575.
Consumption of gold is the highest among middle-income households - those with annual income between Rs 2 lakh and Rs 10 lakh - who account for an average of 56 per cent of gold sales over the last five years, according to a nationwide survey conducted by India Gold Policy Centre (IGPC) at the Indian Institute of Management, Ahmedabad (IIM-A). "Per capita consumption is highest among the rich, but total volume still rests with the middle-income group. "With increasing income, there is an increasing propensity to consume gold, although the share of gold in the portfolio does not increase with the same proportion of income," the survey report says.
Ace Indian shooter Abhinav Bindra added another gold to his tally at the Inter Shoot Tri series Shooting and became the first individual to win three gold medals in the event at Hague, Netherlands.
Silver also remained under selling pressure.
Gold prices firm up on global cues.
The sari can be sizzling hot yet casual and comfy.
The government on Friday slashed the import tariff value on gold to $398 per ten grams while raising it marginally on silver to $643 per kg in line with global trends.
The 16-year-old Indian weightlifter, competing in the 67 kg category, obliterated the Youth World, Asian and Commonwealth records in the snatch category with a lift of 136kgs.
Heard of Kesard Onji Dina? Which literally translates into 'One day in the mud'.
Gold price in Mumbai's physical market on Friday fell 31.1 per cent or Rs 1,351 to close at Rs 41,848 per 10 gramme. Friday's fall in per cent terms is worst after November 2015 and, in absolute terms, the worst after August 2013. Silver prices fell Rs 2,255 to close 5 per cent lower at Rs 43,085 per kg on Friday.
Silver also met with resistance after four days of gains, and lost Rs 750 at Rs 44,250 per kg.
The government on Friday raised the import tariff value of gold to $461 per ten grams and of silver to $803 per kg as prices of the precious metals touched all-time high this week.
Traders said reduced offtake by stockists at prevailing higher levels and sluggish demand mainly kept pressure on both gold and silver prices.
The best part is that an investor gets price appreciation and earns interest income as well, which is unique only to sovereign gold bond.
Munita Prajapati (Uttar Pradesh), daughter of a construction labourer, and 17-year-old Parvej Khan (Services) were the stars of the day, with Munita setting the first record of this edition in the Women's 20km walk. She clocked a commendable 1 hour 38 minutes 20 seconds.
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Silver also slipped below the Rs 41,000-mark by falling Rs 525 to Rs 40,975 per kg on reduced offtake by industrial units and coin makers
Traders said sustained selling by stockists in tandem with a weakening global trend mainly kept pressure on precious metal prices.
Defending champion Bajrang Punia settled for a bronze in men's 65kg freestyle as Indian grapplers bagged two medals on the penultimate day of the Senior Asian Wrestling Championships
A World Championships gold is the only medal missing in Neeraj Chopra's decorated cabinet and the superstar Indian javelin thrower will fancy his chances.
As of now, the custom duty on gold is 10 per cent.
Imports of gold and silver in February 2013 stood at $5.24 billion. In January this year, they were $1.72 billion.
Neeraj Chopra's rise to stardom from a Haryana village has been nothing short of spectacular.
The all-time high price of silver is Rs 75,000 a kg, recorded in April 2011.
India celebrated Dhanteras, the biggest gold buying festival, followed by Diwali, when scarcity of the yellow metal and high prices pushed consumers to buy silver and diamond jewellery.
Gold prices on Thursday fell by Rs 180 to trade at Rs 26,870 per 10 grams at the bullion market.
Led by Olympic champion Neeraj Chopra, India will seek to showcase its ascendency as a sporting power at the Asian Games, which opens formally on Saturday after an unprecedented one-year delay due to the COVID-19 pandemic.
Silver also rebounded by Rs 360 to Rs 41,770 per kg on increased offtake by industrial units and coin makers.
India's boxer Amit Panghal (51kg) displayed his class as he reached his second consecutive Commonwealth Games final, while Nitu Ghanghas (48kg) also remained on course for a gold in her maiden appearance in Birmingham on Saturday.
Gold in New York, which normally sets price trend on the domestic front, rose marginally by 0.02 per cent to $1,255.80 an ounce and silver by 0.18 per cent to $19.06 an ounce in Tuesday's trade.
Since the Union Budget, gold has become costlier by 8-9 per cent because of a 2.5 per cent increase in import duty to 12.5 per cent and about a 5 per cent depreciation in the rupee.
What better way to celebrate the Janmashtami festival than in shades of green, blue, gold and brown?
Spot gold was bid lower at $ 1,298 an ounce in early European trade.
The rise in illegal imports of the yellow metal has caught the eye of the finance ministry.
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.
Traders said besides sustained selling by stockists against subdued demand, strengthening rupee led to persistent fall in prices.
