The commerce ministry has called a meeting on Monday to discuss tighter norms amid reports of increased round-tripping of gold
Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.3 per cent to $1,180.78 an ounce.
Indian stock markets have outshined gold and silver in FY15.
On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 30 each to Rs 28,445 and Rs 28,245 per 10 grams, respectively after gaining Rs 655 in last three days. Sovereigns, however, remained stable at Rs 24,400 per piece of eight grams in restricted buying activity.
Extending gains for the third day, gold prices rose by Rs 300 to Rs 30,700 per ten gram in the national capital today on sustained buying by stockists for the ongoing marriage season amid a firming global trend.
However, other commodities yet to see meaningful recovery in global markets
Akshay Tritiya could be a good reason to invest. Purchase jewellery only for immediate consumption.
Silver also declined by Rs 250 to Rs 35,400 per kg on reduced offtake by industrial units.
Gold rises on firm demand, global buoyancy
However, silver snapped two-day rising trend and declined by Rs 215 to Rs 49,100 per kg on reduced offtake at prevailing higher levels.
Gold plunged sharply to hit a three-month low.
Silver also fell 0.7 per cent to $15.71 an ounce.
The spot gold price has gained 6 per cent this month after closing September in the high $730s. In just two months, gold has amassed 15 per cent in gains, up nearly 25 per cent so far this year. Analysts, however, say the market could be getting overheated and in need of a correction. Jon Nadler of Kitco.com agreed, telling traders to "stay on the alert for another arm-wrestling session between the profit-takers and the buyers out there."
Indian gold demand seen falling to 8-year low in festive quarter.
'As the markets are expected to remain jittery in the near term, we advise investors to use this opportunity to enter quality largecaps from a long-term perspective.'
Marketmen said emergence of low level buying by stockists and retailers for the wedding season amid a firm global trend mainly helped gold prices to rebound.
According to a RBS report, 'the impact on India's current account deficit should be significant, cumulatively amounting to 1.9 per cent of GDP' provided for the full year FY14 prices for both oil and gold remain at current levels and aggregate volume gold demand remains stable.
With only days left for Diwali, gold prices scaled a new high of Rs 16,250 per 10 gram on hectic buying by stockists to meet the enhanced festival demand from retailers and fabricators.
Marketmen said fall in demand from jewellers and retailers at prevailing higher levels and a weak global trend mainly led to the fall in gold and silver prices.
The government on Monday reduced import tariff value on gold to $388 per 10 grams and on silver to $540 per kg, following global price trends.
Shares of gold loan companies like Manappuram Finance and jewellery makers on Monday fell sharply by up to over 13 per cent, following weakness in gold prices which hit over 15-month low.
Silver coins continued to be traded at last level of Rs 48,000.
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