Gold prices declined by Rs 100 to Rs 28,200 per 10 grams at the bullion market on Friday
Silver also traded higher by Rs 250 to Rs 41,000 per kg on increased offtake by industrial units.
Gold lost its sheen with prices falling by Rs 120 to Rs 28,300.
Gold prices drifted by Rs 100 to Rs 28,400 per ten grams at the bullion market today as demand from jewellers and retailers eased at existing levels amidst a weak global trend.
Sentiments remained firm in precious metals on sustained buying by jewellers and retailers to meet ongoing festive season demand.
Virdhawal Khade won the 100m freestyle final on Thursday, breaking his own Games record that was created in the heats., but had to settle for silver in the 100m butterfly.
Traders said weak demand at prevailing higher levels and retailers looking for more correction mainly kept pressure on gold and silver prices.
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.
Paris Paralympics club throw gold medallist Dharambir Nain and double bronze winner sprinter Preethi Pal have been named as India's flag bearers for the opening ceremony on September 27.
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.
Gold in Singapore, which normally sets the price trend on the domestic front, fell by 1.4 per cent to $1,278.94 an ounce and silver by 2.8 per cent to $19.55 an ounce.
'The primary market's rhythm mirrors investor confidence. While sentiment may appear cautious, it reflects maturity, not weakness.'
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.
Also, the import tariff value -- the base price at which customs duty is determined to prevent under-invoicing -- in case of silver has been reduced to $644 per kg from $694 per kg earlier, a notification by the Central Board of Excise and Customs said.
Out of the 10 gold on offer on the opening day of athletics competitions, Maharashtra and Services picked up two each, while Odisha, Himachal Pradesh, Delhi, Uttar Pradesh, Haryana and Tamil Nadu claimed one each.
Olympian Ankita Dhyani broke the women's 2000m steeplechase national record while winning gold at the Grand Slam Jerusalem athletics meet in Israel.
The government on Tuesday cut the import tariff value on gold and silver to $396 per 10 gram and $575 per kg, taking into account weak global trends.
Bullion traders said sustained buying by jewellery fabricators and retailers to meet the festive season demand mainly kept precious metal prices higher.
The ongoing wedding season could not boost the trading sentiment and low demand from jewellers and retailers was witnessed, traders said, adding that a weak global trend because of strengthening of dollar also reduced appeal for the bullion.
The government on Friday slashed the import tariff value on gold and silver to $405 per ten gram and $642 per kg, respectively, in line with global trends.
Trading sentiment turned extremely bullish as gold and silver soared to a record levels in 31 years in global markets as inflation in China accelerated underscoring the challenge that central bankers worldwide face in combating rising prices.
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.
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.
India hosts the event from a position of unprecedented strength with a string of titles under its belt.
Kajal wins India's second gold in women's competition at U-20 World Championships
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.
Traders said stockists selling against sluggish demand at prevailing higher levels amid weak global trend mainly kept pressure on precious metals.
Gold in New York, which normally sets price trend on the domestic front, traded marginally up 0.07 per cent to $1,291.80 an ounce.
Silver has been quoting at a premium in India since mid-March because of huge scarcity.
Hitesh credited the 10-day preparatory camp in Brazil for India's decent run in the tournament.
Traders said sustained selling by stockists against sluggish demand and weakening global trend mainly kept pressure on precious metals.
Of the Rs 474.4 crore insurance cover, the largest component -- Rs 375 crore -- has been allocated towards personal accident cover for volunteers.
Rajesh Patel, 57, said he collected nearly 70 tolas of gold ornaments, which would be priceless for the victims' kin, Rs 50,000 and a few US dollars from the scene of the deadly aviation tragedy and handed them over to the police.
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.
Tokyo Olympic bronze medalist Lovlina Borgohain clinched the women's 75kg gold at the National Games in Dehradun.
Gold and silver extended gains in New Delhi on Monday on sustained buying by stockists, driven by firm global trends.
The final line-up includes strong contenders like Sri Lanka, China, and Kazakhstan, with Sri Lanka boasting of the season's fastest of 3:01.56.
Silver also jumped Rs 950 to Rs 44,750 per kg on increased offtake by jewellers and industrial units.
Precious metals closed at new historic highs at the Bullion market in Mumbai on Monday as silver zoomed by a whopping Rs 570 to end at Rs 19,890 and gold firmed up by Rs 30 to close at Rs 8,855.
India's recurve archers once again flattered to deceive at the World Championships as the women's team lost to South Korea in the bronze medal play-off.
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