After recording significant decline in September, gold and silver imports jumped by 62.5 per cent to $1.3 billion in October this year.
Traders said sentiments remained weak due to fall in demand from jewellers and retailers amidst gold retreating in global markets.
Traders said a weakening global trend as the outlook for improving economic growth and strengthening of the dollar curbed demand for the precious metal as a safe-haven mainly kept pressure on gold and silver prices.
Traders said sustained buying by stockists to meet the festive and marriage season demand mainly helped gold prices to extend gains for the second session.
Gold, silver shine in Diwali trade on jewellers buying
Globally, in Singapore, gold traded a tad higher at USD 1,182.22 an ounce, from $1,182.01 on Thursday.
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Gold prices jumped by Rs 470 to Rs 30,670 per ten gram in the national capital on Monday on brisk seasonal demand amid a firm global trend.
Silver also eased by Rs 200 to Rs 37,200 per kg.
Weak global trend, where gold declined nearly to its lowest level in three months, further dampened the sentiment, they added.
Silver prices also jumped by Rs 500 to Rs 45,000 per kg on increased offtake by jewellery fabricators and industrial units.
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.
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Traders said buying activity continued for the third straight day for the ongoing 'Navratras,' an auspicous week in Hindu mythology for making new purchases and marriage season.
Dev Kumar Meena bettered the previous National record of 5.31m set by Subramani Siva while winning the gold in the 2022 Games in Gujarat.
Traders said sentiment remained weak after gold dropped to a seven-month low and silver slumped to the lowest since June 2013 in global markets as speculation that US borrowing costs will rise sooner-than-expected strengthened the dollar, eroding demand for precious metals as alternative investment.
Silver also rose 0.8 per cent to $16.63 an ounce.
While gold surged by Rs 275 to Rs 27,300 per 10 grams, silver gained Rs 295 to Rs 40,730 per kg on increased offtake by jewellers and industrial units.
While gold gained Rs 320 to Rs 30,545 per ten gram after losing Rs 585 in last four sessions, silver recovered by Rs 390 to Rs 49,330 per kg, snapping Rs 2,260 losses of four days.
Gold price softens as demand dips.
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Gold in Singapore, which normally set price trend on the domestic front, fell by 0.28 per cent to Rs 1361.80 and silver by 1.90 per cent to 22.75 dollar an ounce.
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.
Silver has a dual role - 60 per cent of the total silver produced is used for industrial purposes in the electrical & electronics segment and photovoltaic demand mostly for solar panels.
Gold future prices sustained upward trend for the fourth straight session by surging Rs 2,048 to hit a fresh record high of Rs 100,000 per 10 grams as investors rushed to safe havens after US President Donald Trump indicated plans to overhaul Federal Reserve amid continuing global trade war jitters. On the Multi Commodity Exchange (MCX), the August delivery contract of the yellow metal bounced by Rs 2,048 or 2.1 per cent to hit a fresh peak of Rs 100,000 per 10 grams in the mid-session trade.
Gold prices recovered by Rs 50 to Rs 26,800 per 10 grams at the bullion market on Friday.
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In line with overall trends, silver ready traded lower by Rs 350 to Rs 36,950 per kg and weekly-based delivery by Rs 480 to Rs 36,945 per kg.
Narmada Nithin Raju claimed the gold medal in the women's 10m air rifle with a new national record score of 254.4.
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.
Manisha Bhanwala clinched India's first gold medal at the Asian Championships since 2021 edition with a close 8-7 win over Korea's Ok J Kim.
The white metal had gained Rs 200 in the previous session.
Traders said sustained selling by stockists against falling demand at prevailing higher levels mainly led to decline for the second day in the precious metals.
After three days of gains, gold prices on Tuesday fell by Rs 70 to Rs 30,500 per ten gram in the national capital on profit-selling by stockists at prevailing higher levels amid a weak global trend.
Rising sprinter Animesh Kujur and star hurdler Jyothi Yarraji picked up their third and second gold medals respectively at the National Games.
Gold zoomed by Rs 425 to Rs 31,150 per ten grams in the national capital today on frantic buying by stockists and investors on strong global cues.
Paris Olympian Arjun Babuta clinched the silver medal, narrowly missing out on gold, in the men's 10 metres Air Rifle event at the ISSF World Cup in Lima, Peru.
Traders said sentiment remained bullish as stockists increased their positions to meet the seasonal demand.
This festive season, Indian homes are mixing global luxury with personal touches using heirloom fabrics, handmade decor, and nostalgic menus to create celebrations that feel both grand and intimate.
Gold prices fell by Rs 100 to Rs 28,300 per 10 grams at the bullion market on Tuesday.
Silver also fell for the third day.
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