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.
Experts tracking the sector say the scheme is aimed at clearing inventory and boosting sales
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.
Traders said sustained buying by stockists and jewellery fabricators for the ongoing marriage season mainly led to an upward trend in gold prices.
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.
Traders said sustained selling by stockists on the back of sluggish demand mainly kept pressure on precious metals.
The rupee has been witnessing an unprecedented plunge in its value as it dropped to an all-time intra-day low of 68.75.
The richest Hindu temple in the world could soon come to the rescue of Prime Minister Narendra Modi's plan to recycle tonnes of idle gold and cut economy-hurting imports.
Sri Lanka crushed Afghanistan by 68 runs to win the gold medal in the men's Twenty20 cricket event at the Asian Games on Friday.
Gold retains gains, gain nearly 3 per cent in the past three sessions.
Sentiment remained bearish as gold fell in global markets after better-than-expected US economic data backed the case for the Federal Reserve to slow stimulus, traders said.
The overall gold demand during the second quarter of 2013 stood at 1,148 tonnes, the World Gold Council Q2 Demand Trends report said.
This Vikram Samvat year 2070, ending on Thursday, has proved the worst in 17 years in terms of return on investment in gold.
Silver managed to recover some grounds.
However, silver snapped two-day rising trend and declined by Rs 215 to Rs 49,100 per kg on reduced offtake at prevailing higher levels.
The recently approved government scheme provides both liquidity and returns.
Prime Minister Narendra Modi launched a scheme to tap a pool of over 20,000 tonnes of gold held by households and temples.
Traders said revival of buying by retailers at existing lower levels led the marginal recovery in gold prices.
Shivani Shinde reports. The youngest member of the Tata group, the much-awaited Tata Neu, has finally been launched for people across the country. The 'super app' offers a number of services ranging from financial services to tech, travel and even groceries. The app takes off with a customer base of 120 million, with 2,500 offline stores. According to the Tata group, the app will be a one-stop destination for all consumer needs. The super app also offers a bouquet of financial offers like Unified Payments Interface (UPI), bill payments, loans and insurance. Tata Neu will also provide other services like fashion, gadgets, groceries, travel and health.
Globally, jewellery buying fell 14%, investment slid 11%.
Traders said sustained buying by stockists and retailers for the ongoing marriage season mainly led an upward trend in precious metals.
On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 30 each to Rs 28,445 and Rs 28,245 per 10 grams, respectively after gaining Rs 655 in last three days. Sovereigns, however, remained stable at Rs 24,400 per piece of eight grams in restricted buying activity.
Levy in India one of the highest in the world; finance minister urges banks to tell customers not to invest in the metal.
Marketmen said emergence of low level buying by stockists and retailers for the wedding season amid a firm global trend mainly helped gold prices to rebound.
The precious metal spurted by Rs 200 from Friday's level at scale a new peak of Rs 15,900 per 10 gram.
Dealers with turnover of Rs 2 crore and above covered; industry says threshold too low
The best way to curb gold demand is by reducing black money in circulation.
Globally, gold declined from the highest level.
Sentiments remained bearish as gold and silver tumbled to the lowest since June in global markets as US manufacturing in August expanded at the fastest pace in three years, bolstering prospects for the economy and dampening demand for the metal, traders said.
Gold in Singapore, which normally sets price trend on the domestic front, dropped by 0.4 per cent to $1,283.28 an ounce after data showed that US employers added more jobs than expected which reduced demand for the metal as an alternate investment.
Gold in London, which normally set price trend on the domestic front, rose 0.5 per cent to $1,319.75 an ounce and silver by 0.9 per cent to $22.00 an ounce.
Silver also fell by 0.5 per cent to $15.68 an ounce.
Nineteen-year old Kalimuthu, who was seated in a front row of the viewers' gallery, suffered fatal stomach injury when the bull running in the playing arena suddenly strayed and attacked him.
.jpg)
Gold, which had surged after government decided to increased import duty, lost Rs 125 to Rs 29,700 per 10 grams.
Traders said fresh buying by stockists and jewellers to meet the coming 'Navratras' and marriage season demand amid a strong global trend mainly led the recovery in gold prices.
Silver also shed Rs 3,700 to Rs 67,800 per kg on poor offtake by industrial units.
Indian jewellery is widely prized for intricacy and craftsmanship.
Sentiments remained bearish as gold fell to 16-week low in the overseas markets as positive US economic data backed the case for the Federal Reserve to keep on reducing monetary stimulus which has dimmed the metal's appeal.
Rising crude oil prices touching fresh record levels and plunging dollar boosted the gold prices on Thursday by Rs 220 to set a new peak at Rs 13,100 per 10 gram in the bullion market in New Delhi. Silver also traded at its ever highest level of Rs 25,000 per kg and its coins at Rs 27,000 per 100 pieces. Gold has climbed 19 per cent this year as the dollar fell and world equity markets headed for their worst start since 2001. The gold surge also influenced trading sentiments.
.jpg)
Gold tumbles by Rs 1,250 to Rs 30,950.
