Silver also recovered Rs 600 to Rs 45,200 per kg on increased offtake by industrial units and coin makers.
Traders said persistent buying by jewellers and retailers to meet the festive season demand and a firming global trend as the drop to this year's low lured Chinese buyers returning from a week-long break, mainly kept gold prices higher.
Silver also plunged by Rs 1,430 per kg on poor offtake by industrial units and coin makers.
Silver also remained under selling pressure.
Silver coins also spurted by Rs 1,000.
Traders said continued selling by stockists against slackened demand at prevailing levels mainly kept pressure on gold prices.
Gold in New York, which normally sets price trend on the domestic front, fell by 0.39 per cent to $1,280.80 an ounce.
Traders said fresh selling by stockists against slackened demand at current higher levels mainly led to fall in gold prices.
A weak trend was noticed in Mumbai, as gold of 99.9 and 99.5 per cent purity slipped by Rs 60 each to Rs 30,540 and Rs 30,390 per ten gram respectively, while silver lost Rs 200 at Rs 45,600 per kg.
Poor demand at existing higher levels further dampened the trading sentiment, traders said.
The precious metal had gained Rs 325 in the previous two sessions.
Silver also slumped by Rs 1,700 to Rs 37,200 per kg.
Gold was among the least bruised by Monday's selloff, dropping half a percent versus a 6 percent slide in Brent crude and a 2 percent decline in copper.
Silver also slipped below the Rs 41,000-mark by falling Rs 525 to Rs 40,975 per kg on reduced offtake by industrial units and coin makers
Traders said sentiment remained bearish after gold and silver fell in global markets as the dollar's rally to a 13-month high dampened demand for the precious metal as an alternative investment.
Traders said sustained buying by stockists to meet the rising demand for the 'Navratras,' an auspicious week in Hindu mythology for making fresh purchases mainly pushed up the prices of the precious metals.
Silver advanced by Rs 150 to Rs 34,200 per kg on increased offtake.
Two-thirds of gold demand in India comes from rural areas where jewellery is a traditional store of wealth.
silver coins held steady at Rs 52,000 for buying.
Gold demand in India, the world's largest importer, has risen in the past few days and its buying is likely to intensify this week with a fall in prices after US troops raided Baghdad on Monday, traders said.
Total holdings of the top eight gold ETFs have risen by 3.8 million ounces so far this year
Silver also rebounded by Rs 360 to Rs 41,770 per kg on increased offtake by industrial units and coin makers.
Gold in New York, which normally set price trend on the domestic front, rose by 0.2 per cent to $1,186.20 an ounce and silver by 1.1 per cent to $15.76 an ounce in Thursday's trade.
Traders said lack of buying support from retailers and jewellers who preferred to keep their activity restricted, anticipating further fall in coming days, mainly kept gold prices unchanged.
Silver followed suit and traded higher by Rs 200 at Rs 34,200/kg.
Traders said sustained selling by stockists against falling demand at prevailing higher levels mainly led to decline for the second day in the precious metals.
The precious metal spurted by Rs 270 at Rs 15,700 per 10 gram, a level last seen on February 18.
Steps such as safeguard duty in the works to plug the route
Silver followed suit and advanced by Rs 50 to Rs 33,750 per kg.
Traders said sustained selling by stockists on the back of sluggish demand mainly kept pressure on precious metals.
Globally, gold in London was trading 0.58 per cent lower at $1,148.20 an ounce and silver shed 0.24 per cent to $14.75 an ounce.
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The current upsurge in gold prices placed the metal to a level last seen on April 10.
This Vikram Samvat year 2070, ending on Thursday, has proved the worst in 17 years in terms of return on investment in gold.
Traders said sustained buying by stockists and jewellery fabricators for the ongoing marriage season mainly led to an upward trend in gold prices.
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.
In what is being described as the 'biggest ever seizure of cash' by an enforcement agency, unaccounted cash -- one report said more than Rs 177 crore (Rs 1.77 billion), another said Rs 257 crores (Rs 2.57 billion), a third said Rs 194.45 crores (Rs 1.94 billion) -- was unearthed from perfume trader Piyush Jain's home in Kanpur.
Silver also spurted by Rs 1,000 to Rs 37,500 per kg.
Gold discounts in India, the world's second-biggest consumer, widened this week as dealers struggled to offload stocks amid sluggish demand.
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Traders said continued selling by stockists in tandem with a weakening global trend, on speculation that the US Fed may begin scaling back monetary stimulus as the economy improves, mainly kept pressure on prices.
Gold prices surged Rs 175 to a record high of Rs 8,150 per ten gram on the bullion market on Monday on sustained buying by stockists induced by a unprecedented rise in its prices in overseas markets.
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