Silver coins shot up by Rs 1,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.
Silver traded lower by Rs 135 to Rs 36,750 per kg.
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Gold slumped by Rs 260 at the domestic bullion market on Thursday due to a fresh wave of profit taking by investors and traders amid reduced stockist demand.
Subdued demand from jewellers in the domestic market and shifting of funds towards the surging stock markets also weighed on gold prices.
The previous record of gold price was Rs 32,900, set on September 14.
Traders said fall in demand from jewellers and retailers at existing levels mainly led to the fall in gold prices but a better trend overseas restricted losses.
Silver also dropped by Rs 400 to Rs 45,600 per kg on reduced offtake by industrial units and coin makers.
Traders said apart from buying by retailers for the coming festive season, a better trend in the global market mainly led to rise in gold prices.
On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 15 each to Rs 30,050 and Rs 29,850 per ten gram, respectively.
Globally, gold fell by 0.24 per cent to $1,182.80 an ounce and silver shed 0.72 per cent to $15.89 an ounce in London.
Gold prices rose further by Rs 210 to Rs 27,210 per ten gram in New Delhi on Wednesday on increased buying by jewellers and retailers to meet upcoming festive and wedding season demand amid a firming global trend.
The yellow metal has lost Rs 390 in last three days.
In Singapore, gold prices have risen by 0.46 per cent to $ 1,294.20 from $ 1,288 per ounce in last one fortnight.
Traders said apart from fall in demand from jewellers and retailers at prevailing levels, a weak trend overseas on expectations that US borrowing costs will increase mainly kept pressure on gold and silver prices.
Gold prices rose by Rs 20 to Rs 27,050 per ten grams at the bullion market on Tuesday.
Gold prices rose for the third straight day.
Traders said some buying by jewellers and retailers and a firm trend in Asian region mainly kept gold prices steady.
Gold prices plunged by Rs 200 to trade at Rs 27,000 per 10 grams at the bullion market on Thursday.
Indian gold imports, which fell last week as world prices rose, are likely to pick up as jewellers replenish stocks to meet local demand during the marriage season, traders said on Monday.
On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 25 each to Rs 27,300 and Rs 27,100 per 10 grams, respectively.
Traders said fall in demand from jewellers and retailers due to end of festive season and a weak global trend where gold retreated from a six-week high as investors expected the Federal Reserve to end its bond-buying programme this week, eroding safe-haven demand, mainly pulled down precious metal prices here.
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.
Last year on Dhanteras, the precious metal stood at Rs 31,400 per 10 grams.
The import tariff value -- base price at which customs duty is determined to prevent under-invoicing -- is revised on a fortnightly basis.
The prices of gold last year on the Dhanteras day ruled at Rs 12,070 per 10 gram.
In domestic market, gold prices had peaked to Rs 39,011 per 10 grams in September and are now ruling at Rs 38,800 per 10 gram.
Gold drops Rs 110 on macro factors.
Traders said revival of buying by retailers at existing lower levels led the marginal recovery in gold prices.
Gold in global markets fell toward a one-week low as investors awaited the outcome of the US Federal Reserve's meeting and assessed the situation in Ukraine, which impacted the prices at domestic markets, traders said.
Rate in the global markets us normally sets price trend on the domestic front.
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.
In China, premiums fell to about $1.50 an ounce on Friday from $2-$3 an ounce.
Silver followed suit and lost Rs 350 at Rs 43,950 per kg on reduced offtake by industrial units and coin makers.
India, the world's largest gold consumer, is likely to resume import of the precious metal this week after a long lull, as global prices have fallen sharply amid signs the United States is unlikely to attack Iraq immediately.
Silver also edged higher by Rs 100 to Rs 36,100 per kg.
Traders said besides sustained selling by stockists, a weakening trend in overseas market mainly weighed on gold prices.
Silver staged a comeback by rising Rs 300 to Rs 36,800 per kg,
Gold prices rose by Rs 190 to Rs 27,190 per 10 grams at the bullion market on Friday.
On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 220 each to Rs 30,800 and Rs 30,600 per ten grams, respectively.
