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.
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.
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.
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 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.
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 Indian contingent won as many as six gold medals, including double podium finishes in the women's 800m final and long jump competition, on the second and final day of Taiwan Open International athletics championship.
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.
Her breakthrough came at the Tokyo Paralympics, where she claimed the first gold medal of the Games, smashing her own world record in the women's C1-3 3,000m individual pursuit. She followed it up with two bronze medals in the road race and time trial.
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.
Traders said stockists selling against sluggish demand at prevailing higher levels amid weak global trend mainly kept pressure on precious metals.
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.
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.
Gold prices on Tuesday surged Rs 723 to touch an all-time high of Rs 110,312 per 10 grams in the domestic futures market, tracking strong global cues amid growing expectations of a US Federal Reserve interest rate cut next week. Traders said weak US labour market data has strengthened the case for monetary policy easing, putting pressure on the dollar and boosting demand for the safe-haven asset.
Traders said sustained selling by stockists against sluggish demand and weakening global trend mainly kept pressure on precious metals.
Glimpses from the auction of gold and silver offerings donated by devotees to Lalbaugcha Raja.
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.
Gold and silver extended gains in New Delhi on Monday on sustained buying by stockists, driven by firm global trends.
This exercise allows investors to realign their portfolios with changing market conditions and evolving personal objectives.
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.
Silver also jumped Rs 950 to Rs 44,750 per kg on increased offtake by jewellers and industrial units.
Shot putter Nishchay wins silver for his 2nd medal at Asian U-18 Athletics Championship.
India's exports rose 6.7 per cent to $35.1 billion in August annually, while imports declined 10.12 per cent to $61.59 billion, according to government data released on Monday. Gold imports were down nearly 56 per cent in August, helping to trim merchandise trade deficit to $26.49 billion in August, as against $35.64 billion in the year-ago month.
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Silver has been quoting at a premium in India since mid-March because of huge scarcity.
India has submitted bids to host the 2028 Asian Indoor Athletics Championships as well as the 2026 Asian Relays, in line with the country's efforts to stage continental and global events in the coming years.
A weak global trend on speculation that signs of a strengthening US economy might reduce demand for the precious metals as safe haven also influenced the sentiment, traders said.
The government on Friday slashed the import tariff value of gold to $535 per 10 gram and reduced the rate for silver marginally to $1,003 per kg due to weakening global prices of precious metals.
India claimed four bronze medals on the final day to wrap up their most successful Asian Aquatics Championships with 13 medals even as China asserted their dominance by winning a staggering 49 medals, including 38 gold, in Ahmedabad on Wednesday.
The tariff value, which is released every fortnight, is the base price on which the customs duty is determined to prevent under-invoicing.
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Selling pressure gathered momentum after gold in London fell for a fifth session as the dollar strengthened, curbing demand for the metal as an alternative investment. Marketmen said the metal lost its demand among retail customers and moved along with the global trend.
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