Gold in Singapore advanced as much as 1 per cent to $1,202.08 an ounce.
Traders said slackened demand at prevailing higher levels amid a weak global trend mainly kept gold prices while silver recovered on some buying from industrial units.
Traders said besides sustained selling by stockists, a weakening trend in overseas market mainly weighed on gold prices.
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Gold prices have eased off in recent months after the formation of a new government bringing in positive sentiment back to the stock market.
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.
In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs 130 each to Rs 30,600 and Rs 30,400 per 10 grams, respectively.
India retains its number one position in gold consumption in 2009, recording a total demand of 405.8 tonnes.
Given the economic trends, it might make sense to allocate some savings to gold.
Traders said apart from subdued demand from jewellers and retailers, a weakening global trend on easing of tensions in Ukraine mainly kept pressure on gold prices.
Maaza, a desi mango fruit-based drink owned by Coca-Cola, has touched the milestone of becoming a billion-dollar brand in 2024, its Chairman and CEO James Quincey has said.
Traders said the fall in gold prices was mostly in line with a weak trend in the global markets as signs of easing tensions in Ukraine curbed demand for the precious metal as a haven.
The government on Tuesday slashed the import tariff value on gold and silver to $59 per 10 grams and $ 470 per kg respectively, following weak global cues.
Gold prices in Mumbai hit a five-month low at Rs 8,800 (99.5) and Rs 8,850 (99.9) per 10 gram on Thursday following a decline in the global prices and falling demand in the domestic market.
For last fortnight, the tariff value of gold was fixed at $382 per 10 grams and silver at $516 per kg.
Marketmen said the persistent fall in gold prices to increased selling by selling after the Reserve Bank eased curbs on import of the yellow metal, allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports.
Gold is seen as a preferred asset for all types of investors, even central banks.
Gold prices have come down to Rs 27,790 per 10 grams in the national capital this month from the high of Rs 32,990 per 10 grams in April.
Traders said stockists selling in line with a weak global trend as stronger dollar reduced appeal for the precious metal, led to decline in gold prices.
Though gold prices have been softening in the last couple of weeks, in the past decade, gold has appreciated around seven-fold in value. Here's the answer to if you should buy, hold or sell gold now.
Continuing its losing streak for the third day, gold prices drifted by Rs 155 to settle at Rs 28,175 per ten gram in the national capital today on sustained selling by stockists, tracking a weakening global trend.
You also avoid capital gains tax during redemption in case the gold price is higher, making them tax efficient.
Gold prices on Friday fell by another Rs 25 to Rs 27,225 per ten grams at the bullion market in the national capital due to slackened demand at prevailing levels from jewellers and retailers amid a weak trend overseas.
Snapping its losing streak, gold prices recovered by Rs 40 to Rs 27,240 per 10 grams in New Delhi on Wednesday on emergence of buying at existing lower levels amid a better trend in global markets.
Gold prices this year are higher than last year, and the goods and services tax is an additional burden for consumers
Dhanteras' buying seemed to have been sparked by the belief that prices would remain firm
Social media is a treat these days, as film folk dress up in traditional outfits and add glamour to the festive season.
A report from the World Gold Council says that rising demand for luxury goods from India and China may drive the gold prices to a new peak in the next year.
The government has hiked gold import duty to 15 per cent from 10.75 per cent to check the current account deficit (CAD) and rising import of the yellow metal. The duty changes came into effect on June 30. Earlier, the basic customs duty on gold was 7.5 per cent, now it will be 12.5 per cent.
Globally, gold rose 0.16 per cent to $1,279.70 an ounce in London.
Silver also declined by Rs 180 to Rs 39,175 per kg.
Traders said rebound in gold prices was mostly in tandem with a firming global trend on speculation that prices near a two-month low will spur purchases.
Falling for the sixth straight day, gold prices drifted by another Rs 70 to trade at fresh two-month low of Rs 26,680 per ten grams at the bullion market on Friday, tracking a weak global trend amid slackened demand from jewellers and retailers.
The gold prices on Tuesday dipped as low as Rs 11,000 per 10 gram, down nearly one-fifth from this year's high of Rs 13,650 scaled nearly a month-ago on July 15. The price has come close to its level seen during the Diwali season last year, when it stood at near Rs 10,500 per 10 gram. This year, Diwali falls on October 28.
However, silver held steady at Rs 42,600 per kg on scattered enquiries from industrial units.
According to jewellers and MMTC-PAMP India, gold demand has picked up in the wake of good monsoon and favourable price levels. There was positive response and more footfalls.
After losing Rs 270 in the last two sessions, the gold prices fell further by Rs 100 to Rs 28,440 per 10 gm on stockists selling.
Traders said slackened demand from jewellers and retailers and absence of cues from the global markets as US market are closed today on account of 'Labor Day', kept pressure on gold prices.
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Gold companies have started reducing production. This implies that gold prices will not go on a free fall anytime soon
Gold prices rose for the third straight day.
If there is turmoil in currencies, gold can shoot up sharply, says author of Arora Report.
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