Silver followed suit and recovered Rs 400 to Rs 34,100 per kg.
Silver also eased by Rs 200 to Rs 37,200 per kg.
Traders said sustained buying by stockists and retailers amid a firm global trend where gold advanced as the drop to the lowest level in 34 months last week lured buyers mainly influenced the sentiment.
Gold in Singapore, which normally sets price trend on the domestic front, fell from three-month high by declining 0.6 per cent to $1,312.48 an ounce.
Traders said sentiment turned bearish on emergence of stockists selling at existing higher levels amid weak global trend as improving economic growth reduced demand for the precious metals as an alternate investment.
Traders said sentiment turned distinctly weak after gold prices slumped in global markets as Swiss voters rejected a plan for their central bank to accumulate bullion and oil extended its decline to five-year low, curbing demand for the precious metal.
Gold prices fell by Rs 160 to Rs 30,000 per ten grams in New Delhi on sustained selling by stockists against sluggish demand amid a weak global trend.
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On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 290 each to Rs 30,310 and Rs 30,110 per ten grams, respectively.
Traders said stockists selling in line with a weak global trend as an improving US economy prompted the Federal Reserve to cut stimulus, which reduced demand for precious metals as alternative assets.
Traders said reduced offtake by stockists at prevailing higher levels and sluggish demand mainly kept pressure on both gold and silver prices.
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.
In Mumbai, gold traded higher at Rs 30,330 per 10 grams and silver traded lower at Rs 44,400 per kg.
On the domestic front, gold of 99.9 and 99.5 per cent purity plunged further by Rs 375 each to Rs 28,350 and Rs 28,150 per 10 grams, respectively. Sovereigns continued to be asked around previous level of Rs 24,400 per piece of eight grams in scattered deals.
Gold extended its slump for the second day and shed another ₹ 350 to hit a six-month low of ₹ 29,000 per 10 grams in the bullion market.
Bullion traders said besides ongoing wedding season demand, a firm global trend as the weakening in dollar revived the appeal of the metal as an alternative investment, mainly boosted the sentiment.
Traders said sentiments turned bearish after gold fell to three-week low in global markets as a stronger dollar curbed demand after the Federal Reserve ended its asset-purchase programme because of an improving labour market.
At the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 20 each to Rs 30,180 and Rs 29,980 per ten grams, respectively.
Bullion traders said subdued demand at current levels and a weak global trend mainly pulled down both gold and silver prices.
Bullion traders attributed the rise in precious metal prices to emergence of buying by jewellers and retailers driven by ongoing 'Navratras', considered as an auspicious week for making new purchases according to Hindu mythology.
Globally, gold added 0.4 per cent to $1,163.73 an ounce in Singapore.
Silver snapped its two-day losing trend and recovered by Rs 310 to Rs 44,310 per kg on increased offtake by industrial units and coin makers.
Silver coins also spurted by Rs 1,000 to Rs 56,000.
India's annual gold consumption is about 800-900 tonnes, of which about 750 tonnes is imported. However, in 3-5 years, domestic refineries would meet the whole demand, reports Rajesh Bayani.
Traders said besides reduced offtake by stockists and jewellers in view of off-marriage season, weak trend in global markets mainly led to the fall in gold and silver prices.
Silver, however, recovered by Rs 50 to Rs 36,800 per kg
Traders said sustained selling by stockists against sluggish demand amid a weakening global trend, where gold dropped below $1,200 an ounce as the Federal Reserve scaled back monetary stimulus, mainly kept pressure on precious metals.
Traders said brisk buying by stockists for the ongoing wedding season mainly led an upsurge in precious metal prices.
The worsening demand for jewellery has already started impacting jobs and karigars or goldsmiths.
Traders said sustained buying by stockists in line with a firming global trend mainly boosted the sentiment.
Gold prices maintained its upward journey for the second day with a gain of another Rs 180 to Rs 27,300 per 10 gm on Monday.
Gold remained weak for the second straight day with prices falling by another Rs 30 to Rs 26,750 per ten gram at the bullion market in New Delhi on easing of demand from jewellers and retailers amid a weak global trend.
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Continued its slide for the sixth straight day, gold prices plunged by Rs 220 to trade at three-week low of Rs 28,280 per 10 grams in New Delhi on Thursday on increased selling by stockists amid a weakening global trend.
Traders said sustained selling by stockists against sluggish demand and weakening global trend mainly kept pressure on precious metals.
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Silver also recorded a significant rise of Rs 950 to Rs 38,750 per kg.
Silver also fell for the third day.
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.
Silver dropped by Rs 175 to Rs 34,550 per kg.
Gold prices spurted on the bullion market on Wednesday on the emergence of buying by stockists triggered by a rising trend in international markets and closed with notable gains.
