Silver coins remained steady at Rs 52,000.
Traders said emergence of buying at existing lower levels to meet the ongoing marriage season demand mainly led to recovery in gold prices.
Silver also declined by Rs 180 to Rs 39,175 per kg.
No form or requisition slip is required for exchange of Rs 2,000 notes up to a limit of Rs 20,000 at a time as part of exercise to withdraw high-value currency notes from circulation. RBI on Friday in a surprise move announced withdrawal of Rs 2,000 currency notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks. Unlike the November 2016 shock of demonetisation, when old Rs 500 and Rs 1,000 notes were invalidated overnight, the Rs 2,000 notes will continue to be a legal tender.
The import tariff value is the base price at which the customs duty is determined.
Globally, gold traded a shade higher at $1,210.15 an ounce.
Gold import from the UAE at a lower rate of duty -- in terms of an agreement -- has posed a survival challenge for the Indian refining industry while hurting the price discovery of the metal, with the India International Bullion Exchange starting operations at GIFT City. The problem has arisen after the government signed the Comprehensive Economic Partnership Agreement (CEPA) with the UAE. Under it, Indian jewellery manufacturers have been allowed to import gold at a concessional rate of 14 per cent against 15 per cent, which is normal.
Silver also dropped Rs 560 to Rs 36,440 per kg.
Silver, however, remained steady at Rs 37,200 per kg.
Silver also rebounded by Rs 140 to Rs 37,050 per kg.
Traders said profit-selling by stockists at existing higher levels amid a weak global trend as deepening euro-zone debt crisis weakened euro against the dollar and shifted investors interest from bullion to forex and equities.
While gold added Rs 310 to hit the record level, silver rose by Rs 800 to Rs 62,000 per kilogram.
Gold, which has been on a record setting spree for the past three weeks, rose by Rs 50 to Rs 32,500 per 10 grams.
Gold, which has been on a record setting spree for the past three weeks, rose by Rs 50 to Rs 32,500 per 10 grams.
Snapping its two-day losing streak, gold prices on Wednesday rebounded by Rs 120 to Rs 28,420 per ten grams at the bullion market in New Delhi on revival of buying by jewellers to meet ongoing wedding season demand even as metal retreated overseas.
Globally, gold climbed 0.7 per cent to $1,161.85 an ounce in Singapore.
Silver, however, declined by Rs 220 to Rs 35,180 per kg.
Gold prices dropped at the bullion market on Thursday on selling by stockists and traders following mute demand due to prevailing high prices and lower global cues.
Traders said fresh buying by stockists for the ongoing marriage season mainly led to a recovery in gold and silver prices.
Gold on Thursday slipped from record highs by losing Rs 200 to Rs 30,200 per 10 grams in the national capital due to meagre demand for the precious metal at prevailing high levels.
Gold prices recovered by Rs 40 to Rs 26,800 per ten gram at the bullion market in in New Delhi on Tuesday on scattered buying by jewellers and retailers to meet ongoing wedding season demand and a firming global trend.
Globally, gold fell 0.2 per cent to $1,162.25 an ounce in Singapore.
Silver, however, recovered by Rs 250 to Rs 36,000 per kg.
Gold prices on Tuesday drifted by Rs 70 to Rs 27,050 per ten grams at the bullion market owing to slackened demand.
Silver settled at Rs 37,280 per kg after firming up by Rs 230.
In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 160 each to Rs 31,350 and Rs 31,150 per ten grams, respectively.
Gold prices rose further by Rs 80 to Rs 29,480 per 10 grams in the national capital today on sustained buying by stockists and retailers.
Gold prices recovered by Rs 20 to Rs 26,900 per ten grams at the bullion market in New Delhi on Thursday on the back of wedding season demand from jewellers and retailers even as the metal weakened overseas.
Import of jewellery from Hong Kong attracts no duty in India, due to a free trade agreement.
Traders said slackened demand from jewellers and appreciating rupee, which made import of precious metal cheaper, weighed on gold prices but a better trend in the global markets restricted the losses.
A govt report on Wednesday recommended reining in gold imports to curb deficit.
Traders said stockists selling in tandem with a weak global trend mainly pulled down gold and silver prices.
Silver gained Rs 350 to Rs 36,550 per kg on increased offtake.
Silver ready also moved up by Rs 50 to Rs 38,800 per kg while weekly-based delivery fell by Rs 160 to Rs 38,250 per kg on lack of buying support from speculators.
Silver coins remained unaltered at Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.
Silver followed suit and gained Rs 65 to Rs 39,600 per kg on increased offtake by industrial units and coin makers.
Silver fell by Rs 500 to Rs 44,800 per kg on poor offtake by industrial units and coin makers.
Traders said some demand for the festive season mainly supported the rise in prices of both the precious metals.
Traders attributed the recovery in gold prices to a better trend in global markets.
Traders said stockists selling against sluggish demand at higher levels mainly pulled down both gold and silver prices.
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