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 profit-selling by stockists at prevailing higher levels against sluggish demand mainly led to decline in gold prices.
India's jewellery consumption in Sept quarter increases 5% to 193 tonnes.
While gold zoomed up by Rs 410 to Rs 30,810 per ten gram, silver jumped up by Rs 990 to Rs 51,200 per kg on increased offtake by stockists on the back of firm global trend.
Traders said sentiments dampened after gold fell the most in three weeks in overseas markets on speculation that the Federal Reserve would further curb monetary stimulus as the US economy recovers, reducing demand for the metal as an alternative investment.
While gold fell after three days of gains on sluggish demand at prevailing higher levels, silver remained flat on lack of buying by industrial units and coin makers, traders said.
Silver followed suit and rebounded by Rs 400 to Rs 44,800 per kg on increased offtake by industrial units and coin makers.
Traders said sluggish demand at prevailing higher levels and investors shifting their funds to surging equities mainly kept pressure on gold and silver prices.
Silver also jumped by Rs 1,000 to Rs 57,000 per kg on strong global cues.
Gold prices in India soared to record highs on Thursday, prompting many people in the world's largest bullion consumer to sell old stock, traders said.
While gold plunged by Rs 505 to Rs 30,380 per ten grams, silver fell by Rs 280 to Rs 49,300 per kg.
Traders said stockists selling against sluggish demand at higher levels mainly led to fall in gold and silver prices.
Continuing its record setting spree, gold on Friday surged by Rs 100 and touched a new high of Rs 17,500 per 10 gram in the bullion market in New Delhi on heavy buying by jewellery makers amid firming global trend.
Gold rose by Rs 190 to Rs 31,350 per ten grams in the national capital on Thursday as stockists and retailers remained net buyers of the precious metal for the marriage season amid a firming global trend.
Silver maintained its rising streak for the fourth consecutive day and advanced Rs 100 to Rs 42,400 per kg on sustained buying by industrial units.
Gold crossed the all-time high level of Rs 29,000 while silver coins touched the record Rs 68,000 mark in the bullion market here on strong demand propelled by ongoing marriage season and deepening financial worries.
Bullion merchants said besides increased buying by jewellers and retailers to meet festive season demand, costlier imports due to weakening of the rupee, led to the rise in gold prices.
Nearly two-thirds of India's gold demand comes from rural areas where jewellery is a traditional store of wealth for millions who have no access to the formal banking system.
Gold prices on Monday drifted by Rs 105 to trade at a three-week low of Rs 27,225 per ten grams.
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.
Traders said persistent selling by stockists in line with a weakening global trend after Federal Reserve Chairman Ben Bernanke signalled that the central bank may start curbing stimulus programme this year, mainly dragged gold and silver prices down.
Traders said sentiment turned somewhat weak after gold fell in global markets ahead of US payrolls data that may show employers added more workers last month, boosting the case for an increase in borrowing costs in the largest economy.
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's ambitious gold deposit scheme can succeed only if depositors are paid a higher interest rate.
Silver coins dropped by Rs 2,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
Festive demand for gold in India got off to a tepid start, with local prices still at a heavy discount to the global benchmark, a bad sign for a period when buying is typically strong.
Traders said sentiment turned weak largely in tandem witha weak trend overseas where gold fell to 8-month low after the Federal Reserve raised its interest-rate forecasts this week, strengthening the dollar, reduced the metal demand.
Silver also moved up by Rs 500 to Rs 59,500 per kg on increased offtake by industrial units and coin makers.
While gold spurted by Rs 220 to Rs 30,520 per 10 grams, silver shot up by Rs 1,000 to Rs 54,000 per kg on increased offtake by jewellers and industrial units.
Gold fell by Rs 170 to Rs 31,680 per ten grams in the national capital on Monday on stockists selling on the back of sluggish demand amid weak global trend.
The gold prices surpassed all previous records as they spurted by Rs 145 to Rs 19,470 per ten grams, on increased buying by jewellers and retailers to accomodate the seasonal demand for upcoming festival and marriage season beginning next month.
Traders said besides increased offtake by jewellers, both precious metals improved on some buying by investors who shifted their money from easing equities to the bullion.
Gold price softens as demand dips.
The rupee was trading lower at Rs 61.38 after dipping to 61.74 (intra-day).
It rose to 310 tonnes in the second quarter ended June.
Silver climbed by Rs 600 to Rs 38,700 per kg.
Recycling in India fell by 22 per cent to 14 tonnes against 18 tonnes.
India imported 967 tonnes of gold in 2014-15.
You can use gold as a financial instrument to diversify your portfolio into hedging against uncertainties in the market, but for ambitious returns, you must explore opportunities in other asset classes such as equities, debts and real estate, says Adhil Shetty, CEO, BankBazaar.com.
Gold in New York, which normally sets price trend on the domestic front, fell 0.46 per cent to $1,288.20 an ounce and silver by 0.84 per cent to $20.13 an ounce in yesterday's trade.
