Traders said sluggish demand due to ongoing 'Sharads', an inauspicious fortnight in Hindu mythology to make fresh purchases, mainly kept the precious metals lower.
Standard gold and ornaments dropped by Rs 500 each at Rs 11,950 and Rs 11,700 per 10 gram respectively. Sovereign fell by Rs 50 at Rs 10,450 per piece of eight gram.
India's P V Sindhu hopes no one will ever question her ability to win big titles, relieved at breaking the finals jinx with a historic triumph at the World Tour Finals in Guangzhou.
Traders said the sentiment remained bearish as gold slumped to a five-week low in overseas markets on speculation that the US Federal Reserve will taper asset purchases.
Lakshya Sen and Saina Nehwal made impressive starts at the Indonesia Masters Super 500 badminton tournament, advancing to the second round of men's and women's singles respectively with contrasting victories in Jakarta on Wednesday.
Satwik and Chirag, ranked sixth in the world, will face the winner of the other semi-final between Indonesia's Pramudya Kusumawardana and Yeremia Erich Yoche Yacob Rambitan and second seeds Aaron Chia and Wooi Yik Soh of Malaysia in their maiden World Tour Super 1000 final.
India's top-five finish not a given this time
Why did the company zero in on RBL Bank to understand the business of banking? While the M&M investors heaved a sigh of relief, one gentleman must have been all smiles after this, RBL Bank MD and CEO R Subramaniakumar, notes Tamal Bandyopadhyay.
Traders said emergence of buying at prevailing lower levels by jewellers and retailers ahead of the festive and wedding season, a firm global trend mainly led the recovery in precious metals.
The RBI banned imports on a consignment basis, making it difficult for jewellers to source raw material.
The government has also built in mechanism to protect investors from price fluctuation.
While gold gained Rs 320 to Rs 30,545 per ten gram after losing Rs 585 in last four sessions, silver recovered by Rs 390 to Rs 49,330 per kg, snapping Rs 2,260 losses of four days.
Gold is up 0.8 per cent for the week, after hitting a near-two-week high earlier in the week.
Traders said low-level buying by stockists and shifting of funds from weakening equity to rising bullion mainly boosted the sentiment.
Indian gold demand seen falling to 8-year low in festive quarter.
With five titles under his belt, Lakshya Sen was racing towards the top echelons of international badminton before his stunning run was halted by the coronavirus pandemic, which brought all sporting action to a halt across the world. With the world in lockdown to contain the deadly disease, Lakshya too is enduring the uncertain times within the confines of his apartment, near the Prakash Padukone Badminton Academy (PPBA) in Bengaluru.
Silver advanced by Rs 150 to Rs 34,200 per kg on increased offtake.
There was no stopping the gold rush in wrestling as two more were added to the tally by Vinesh Phogat (50kg) and Sumit (125kg) but Olympic bronze-medallist Sakshi Malik (62kg) had to be content with a third-place finish in the Commonwealth Games, in Gold Coast, on Saturday.
Mary Kom would look to go one step closer towards her sixth gold when she takes the ring in the 48kg semifinals, in New Delhi, on Thursday.
Gold slipped to near 5-1/2-year lows on Friday and was on course for a sixth straight weekly fall.
The Brij Bhushan camp, who claim to have the support of 22 of the 25 state units, expressed 'confidence' of winning all 15 posts during the WFI elections on August 12.
Nikhat Zareen (52kg), Manisha (57kg) and Parveen (63kg) continued their stellar run at the IBA Women's World Boxing Championships in Istanbul on Monday by advancing to the semi-finals but five other Indians bowed out after suffering quarter-final losses.
Bullion merchants said sentiments in gold remained extremely weak after it plunged to two-month low in overseas markets as the outlook for higher US interest rates reduced the appeal of the metal as an alternative investment.
Serena Williams' career has been so astonishing that it could fuel umpteen movies
Silver also plunged by Rs 1,430 per kg on poor offtake by industrial units and coin makers.
Vijayveer Sidhu, 16, shot a gold in the 25m standard pistol event for junior men after combining with Rajkanwar Singh Sandhu and Adarsh Singh to claim the team gold on the last day of the ISSF World Championships.
In dollar terms, however, gold prices jumped by 26 per cent this calendar year, following sharp jump in hedge funds' long position
Saina Nehwal has the last laugh after all the nigles and the unsavoury controversy involving her father's accreditation at the Commonwealth Games.
Traders said sentiment remained bearish after gold and silver fell in global markets as the dollar's rally to a 13-month high dampened demand for the precious metal as an alternative investment.
As the investors burnt their fingers with heavy losses in the stock market in 2011, the tried-and-tested gold added to its glitter and silver could retain only part of the sheen it gained during the year.
India's dominance went uncontested for the fifth successive day at the 12th South Asian Games, as its shooters, wushu players and track-and-field athletes annihilated competition to sweep most of the gold medals up for grabs, in Guwahati, on Wednesday.
'I started as a kabaddi player but that's a team sport and credit is shared. Boxing attracted me because it's an individual sport'
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.
Bhagwan has been on unpaid leave for the last three years to train Nitu, a two-time World Youth champion.
Gold in New York, which normally set price trend on the domestic front, rose by 0.2 per cent to $1,186.20 an ounce and silver by 1.1 per cent to $15.76 an ounce in Thursday's trade.
Neymar shed tears of joy after delivering Brazil's first men's soccer gold medal with the winning penalty in a 5-4 shootout triumph over Germany after a thrilling final ended in a draw following extra-time on Saturday.
The overall tally of six gold, five silver and 14 bronze medals at the end of day six put the country in 8th spot in the table with China leading the pack by quite a distance, having already crossed the 100-mark.
The ruling front and the opposition members are at loggerheads over the Adani issue and the disqualification of Congress leader Rahul Gandhi from the Lower House.
Banks are gaining market share at the expense of non-bank lenders such as housing finance companies, retail lenders, and those giving gold loans. There has been a steady decline in the market share of non-banking financial companies (NBFCs) in the credit market as banks have stepped up lending. NBFCs' share declined to a five-year low of 19.8 per cent in the first half of FY23, down from 20.3 per cent in H1FY22, and an all-time high of 23.1 per cent in H1FY19.
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