Silver halted its four-day rising trend and declined by Rs 65 to Rs 41,000 per kg.
Gold prices extended losses for the fourth straight day by losing Rs 325 to Rs 31,100 per ten grams on stockists selling.
Traders said profit-selling by stockists at existing higher levels amid a weak global trend as congressional negotiators reached a US budget agreement, curbing the appeal of the metal as a safe haven, mainly influenced gold prices.
Traders said profit-selling by stockists at prevailing higher levels against sluggish demand mainly led to decline in gold prices.
Traders said stockists selling against sluggish demand mainly led to decline in gold prices.
Bullion dealers said higher overseas market advices have led traders to stock more gold, leading the metal to end Rs 5 higher at Rs 8,725 per ten gram.
Traders said subdued demand from jewellers and retailers at prevailing levels and a weak global trend led to fall in gold and silver prices.
Silver maintained its rising streak for the fourth consecutive day and advanced Rs 100 to Rs 42,400 per kg on sustained buying by industrial units.
Sentiments remained firm in precious metals on sustained buying by jewellers and retailers to meet ongoing festive season demand.
Traders attributed the rise in the precious metal prices to emergence of buying at prevailing levels by stockists and retailers to meet the ongoing marriage season demand.
Demand for gold in India, the world's biggest market, has risen sharply with the wedding season in full swing.\n\n\n\n
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.
Globally, gold fell by 0.94 per cent to $1,094.20.
While gold plunged by Rs 505 to Rs 30,380 per ten grams, silver fell by Rs 280 to Rs 49,300 per kg.
Prime Minister's Economic Advisory Council Chairman C Rangarajan dashes bullion firms' duty cut hopes.
Silver also lacked necessary follow-up support from industrial units and coin makers and lost Rs 300 to end at Rs 43,000 per kg.
Silver followed suit and recovered Rs 400 to Rs 34,100 per kg.
Silver also eased by Rs 320 to Rs 35,780 per kg.
According to Ketan Shroff of Pushpak Bullions Pvt Ltd, "Traders are selling at Rs 14,900 -- 14,950 per 10 gm presently, which was Rs 100-150 lower than the landed cost." He added, "The consumer price depends upon customers' needs as some in dire need of money sell at prices lesser than Rs 14,900 per 10 gm while others attract customers through price negotiations."
India is the largest importer of gold after China.
Amid volatility in equity markets, gold prices may touch a record level of Rs 20,000 per 10 grams in the near future with traders preferring to park their money in safe havens such as the precious metal, analysts said.
Silver also eased by Rs 200 to Rs 37,200 per kg.
Gold imports are likely to fall below 50 tonnes this month due to sharp fall in exchange rate of rupee and high global prices of the precious metal, according to market experts.
Traders said sustained buying by stockists and retailers amid a firm global trend where gold advanced as the drop to the lowest level in 34 months last week lured buyers mainly influenced the sentiment.
Traders said scattered buying by retailers amid a firm global trend, where gold climbed to six-month high, and escalating tension in Ukraine mainly boosted demand for the precious metals as a safe haven.
Price up on weak dollar and strong demand
Traders said sentiment turned somewhat weak after gold fell in global markets ahead of US payrolls data that may show employers added more workers last month, boosting the case for an increase in borrowing costs in the largest economy.
Gold in Singapore, which normally sets price trend on the domestic front, fell from three-month high by declining 0.6 per cent to $1,312.48 an ounce.
Traders said sentiment turned bearish on emergence of stockists selling at existing higher levels amid weak global trend as improving economic growth reduced demand for the precious metals as an alternate investment.
Silver coins dropped by Rs 2,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
Traders said sustained buying by stockists helped gold prices to extend gains for the third straight session.
Gold prices fell by Rs 160 to Rs 30,000 per ten grams in New Delhi on sustained selling by stockists against sluggish demand amid a weak global trend.
Traders said reduced offtake by stockists at prevailing higher levels and sluggish demand mainly kept pressure on both gold and silver prices.
Traders said stockists selling in line with a weak global trend as an improving US economy prompted the Federal Reserve to cut stimulus, which reduced demand for precious metals as alternative assets.
However, silver extended its weakness for the second straight day and lost Rs 90 to Rs 45,230 per kg on reduced offtake by industrial units and coin makers.
On the domestic front, gold of 99.9 and 99.5 per cent purity plunged further by Rs 375 each to Rs 28,350 and Rs 28,150 per 10 grams, respectively. Sovereigns continued to be asked around previous level of Rs 24,400 per piece of eight grams in scattered deals.
Of the 11,000 kg imported between July 1 and August 9, around 90 per cent was brought in by two business groups which took advantage of the favourable reduction in tax incidence under GST, routing their imports through Korea.
While gold fell after three days of gains on sluggish demand at prevailing higher levels, silver remained flat on lack of buying by industrial units and coin makers, traders said.
In Mumbai, gold traded higher at Rs 30,330 per 10 grams and silver traded lower at Rs 44,400 per kg.
At the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 20 each to Rs 30,180 and Rs 29,980 per ten grams, respectively.
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