Silver held steady at Rs 37,300 per kg.
Subdued demand from jewellers in the domestic market and shifting of funds towards the surging stock markets also weighed on gold prices.
The slide in gold continued for the second straight day, with prices tumbling by Rs 200 to Rs 28,100 per ten gram at the bullion market on Friday largely in tandem with a weakening trend overseas amid low demand from jewellers.
Silver gained Rs 350 to Rs 36,550 per kg on increased offtake.
Silver, however, lost Rs 300 to Rs 61,200 per kg on limited demand at prevailing higher levels.
In 2013, the fall in international gold prices was 28 per cent.
With gold scaling all-time high levels and now trading at $1,241 per ounce, questions arise whether this is the right time to book profit from investment in gold or time to invest more.
Respect the yellow metal's breakout but treat it with more than ordinary caution, says Sonali Ranade
The new Samvat 2080 is viewed as a year of hope for industrial and precious metals. A key reason is the expectation of US interest rates peaking, followed by a reduction in the coming months. Regarding crude oil, its trajectory depends more on how the situation unfolds in West Asia.
Sluggish economy, high bullion prices and consumer shift towards cheaper gifting options such as electronic goods and mobiles have taken the sheen off gold
British Geological Survey accessed in September 2011 produced a list of countries by production of gold.
Gold prices fell by Rs 50 to Rs 27,800 per ten grams in special Diwali trading in New Delhi on Thursday largely in tandem with a weakening global trend.
The US Federal Reserve's decision to continue bond-buying has lifted investor sentiment for gold and silver.
In the national capital, gold of 99.9 and 99.5 per cent purity were up by Rs 150 each to Rs 28,500 and Rs 28,300 per 10 gram respectively.
Gold prices rose by Rs 190 to Rs 27,190 per 10 grams at the bullion market on Friday.
The bank believes that that gold prices will recover this year and retain a pronounced bullish posture.
Officials were surprised at how quickly smugglers appraised the Covid situation to recruit jobless migrant workers to ship gold.
'Investors looking at the next 6-12 months can be certain that the Fed will maintain its easing cycle, and we expect the overall environment to be conducive for fixed income investments for portfolio diversification.'
Extending losses for the third straight day, gold prices dropped Rs 220 to Rs 31,710 per ten gram in New Delhi on Wednesday on sustained selling by stockists amid sluggish demand coupled with weakening global trend.
The government on Wednesday hiked the import tariff value on gold and silver to $431 per 10 grams and $646 per kg, respectively, taking firm global cues.
'Consider 40% to 50% in equities, 10% in gold as a hedge, and the remaining 30% to 40% split between multi-asset funds and hybrid funds.'
The gold prices fell by Rs 360 to Rs 19,960 per 10 grams, a level last seen on November 4, while silver tumbled Rs 950 to Rs 41,700 per kg on fall in demand among jewellers at existing high levels.
Traders said some buying for the marriage season mainly helped gold prices to recover.
The month of March could be worst in many years, with imports estimated only around 18 tonnes amid the coronavirus pandemic and the nationwide lockdown, said an industry player. The import in March 2019 was 72.5 tonnes, according to the GFMS data.
While choosing this, approach local jewellers to avoid high deductions by branded jewellers.
We will not know if the breakout is just a reactive pullback or the real thing for another two weeks or so, says Sonali Ranade
Movements in gold prices will depend on the US' interest rates.
By December 2015, the total imports will touch 1000 tonnes.
Silver also dropped by Rs 550 to Rs 40,350 per kg.
Silver too advanced by Rs 100 to 38,700 per kg.
In a high interest rate regime when all banks are offering loans at a lofty price, rates for loans against gold continues to be cheaper.
Traders said some buying activity by jewellers and retailers mainly kept gold prices steady.
After surging to Rs 16,220 level in September, gold prices slightly eased at a time when festival and marriage season is about to pick up.
The government raised import tariff value on gold to $385 per 10 grams.
Silver also turned weak and dropped by Rs 350 to Rs 41,200 per kg on reduced offtake by industrial units and coin makers.
Silver, however, held steady at Rs 44,900 per kg in restricted buying activity from industrial units and coin makers.
The precious metal had gained Rs 435 in the previous three sessions.
Risk-averse investors can hold up to 10 per cent of their portfolio in gold, while aggressive ones can keep five per cent.
With Valentine's Day falling on a Friday, travel is picking up as people look for quick getaways.
Gold, which was hovering around $1,321 an ounce in January 2019, has already breached $1,600 per ounce in the past few sessions to a seven-year high.
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