Weak global trend, where gold declined nearly to its lowest level in three months, further dampened the sentiment, they added.
Gold is currently ruling at Rs 30,050 per 10 grams.
.jpg)
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.
Sentiments remained subdued largely in tandem with a weak trend in global markets where gold traded at a four-year low as surging dollar waned demand for the precious metals, traders said.
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.
Traders said reduced offtake by stockists and retailers at existing higher levels amid a weak global trend as US economic data reinforced concern that the Fed will begin trimming stimulus measures, curbing demand for precious metals as a haven, mainly pulled down the bullion prices.
Traders said sluggish demand at prevailing higher levels amid a weak trend in Asian region mainly led to decline in gold prices while increased industrial demand helped silver to trade higher.
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.
Silver, however, met with resistance and traded lower by Rs 200.
Traders said low-level buying by stockists and shifting of funds from weakening equity to rising bullion mainly boosted the sentiment.
.jpg)
Across the country, residential projects offering deals have risen 45-50 per cent in the run-up to the festive season and may double further by Diwali and the year-end as realtors attempt to clear piled-up inventory.
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.
Silver prices also jumped by Rs 500 to Rs 45,000 per kg on increased offtake by jewellery fabricators and industrial units.
Traders said continued selling by stockists against slackened demand at prevailing levels mainly kept pressure on gold prices.
Silver also eased by Rs 50 to Rs 38,800 per kg.
Sentiment in gold remained bearish, falling for the second day in global markets, as investors weighed on when the US Federal Reserve will slow the pace of bond purchases, traders said.
As of now, the custom duty on gold is 10 per cent.
Traders said sentiments continued to remain bearish on persistent selling by stockists after the RBI last week eased import norms on the yellow metal by allowing select trading houses, in addition to already permitted banks, to procure the metal to boost exports.
Traders said sentiment remained bullish as stockists increased their positions to meet the seasonal demand.
Traders said some buying by jewellers and retailers amid a firming global trend helped prices move further.
Traders said increased buying of gold by stockists and jewellers to meet the rising festive and marriage season demand, amid firming global trend, influenced the sentiment.
The prices of yellow metal declined despite the ongoing token buying for the auspicious festival of Dhanteras.
Traders said fresh selling by stockists against slackened demand at current higher levels mainly led to fall in gold prices.
While gold fell by Rs 100 to Rs 31,350 per 10 grams and silver by 455 to Rs 47,445 per kg on reduced offtake as recent upsurge advised stockists to book profits.
Surpassing all previous levels, gold hit a new high by rising Rs 200 to Rs 21,270 per 10 grams on the bullion market on Wednesday on aggressive buying by stockists
The precious metal had gained Rs 1,240 in the last eight days.
Silver also remained under selling pressure.
.jpg)
Bullion merchants said apart from sustained buying by jewellers and retailers to meet rising wedding season demand, a firming global trend mainly boosted the sentiment.
The yellow metal crossed its last record level of Rs 23,270 set on July 16.
Traders said sustained buying by stockists to meet the rising demand for the 'Navratras,' an auspicious week in Hindu mythology for making fresh purchases mainly pushed up the prices of the precious metals.
Gold prices regained Rs 32,000 per ten gram level after nine months in the national capital on Tuesday on increased stockists buying as rupee plunged to historic low of 66-level.
Buying activity in silver gathered momentum as the metal prices rose in global markets amid fresh buying by stockists and jewellers for the marriage season, traders said.
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.
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.
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.
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.
Experts tracking the sector say the scheme is aimed at clearing inventory and boosting sales
Traders said sustained selling by stockists on the back of sluggish demand mainly kept pressure on precious metals.
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.
