Silver also fell by 0.5 per cent to $15.68 an ounce.
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Gold, which had surged after government decided to increased import duty, lost Rs 125 to Rs 29,700 per 10 grams.
Traders said sustained selling by stockists in tandem with a weakening global trend mainly kept pressure on precious metal prices.
The precious metal spurted by Rs 200 from Friday's level at scale a new peak of Rs 15,900 per 10 gram.
Traders said stockists selling against fall in demand at prevailing higher levels mainly pulled down gold prices.
Traders said besides sustained selling by stockists against subdued demand, strengthening rupee led to persistent fall in prices.
In Delhi, gold of 99.9 and 99.5 per cent purity zoomed up by Rs 650 each to Rs 27,470 and Rs 27,270 per 10 grams respectively.
Silver also dropped for the fifth straight day and declined further by Rs 375 to Rs 39,250 per kg on reduced offtake by industrial units and coin makers.
Traders said fresh buying by stockists and jewellers to meet the coming 'Navratras' and marriage season demand amid a strong global trend mainly led the recovery in gold prices.
On the domestic front, gold of 99.9 and 99.5 per cent purity slipped by Rs 35 each to Rs 28,330 and Rs 28,130 per 10 grams, respectively. Sovereigns also fell by Rs 100 to Rs 24,300 per piece of eight grams.
Silver is emerging as a stronger bet for the long-term.
Silver also declined by Rs 100 to Rs 49,580 per kg on reduced offtake by industrial units.
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After gaining Rs 235 in last three sessions, gold further spurted by Rs 465 to Rs 31,450 per ten grams, a level last seen on December 12.
Silver also shed Rs 3,700 to Rs 67,800 per kg on poor offtake by industrial units.
Traders said sentiment turned weak largely in tandem witha weak trend overseas where gold fell to 8-month low after the Federal Reserve raised its interest-rate forecasts this week, strengthening the dollar, reduced the metal demand.
The rupee was trading lower at Rs 61.38 after dipping to 61.74 (intra-day).
Investors took comfort from Finance Minister Arun Jaitley's statement, who underlined the need to have globally compatible tax rates to broad-base the economy
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Traders said reduced offtake by retailers and jewellery fabricators at existing higher levels mainly kept pressure on the prices of both the precious metals.
Traders said sentiments continued to remain bearish on persistent selling by stockists after the RBI last week eased import norms on the yellow metal by allowing select trading houses, in addition to already permitted banks, to procure the metal to boost exports.
B D Agarwal, who is India's largest manufacturer and exporter of guar gum powder is taking the Congress by storm Rajasthan
For the first time, since women began running the Olympic marathon in 1984, women will conclude the athletics programme, with their marathon coming a day after the men's event.
The Samajwadi Party (SP) said through a post on its official Twitter handle that the premises of its MLC Pushpraj alias Pampi Jain in Kannauj, Uttar Pradesh, have been raided.
The global high comes amidst the uncertainties of Brexit, a trade war and slowing growth, with traders increasing their silver bets.
First Rajya Sabha approved the Rs 45 lakh-crore spending proposed in the Budget, followed by the nod to the Finance Bill that contains tax proposals.
For the second straight year, the gems and jewellery industry is set for almost a washout of business on Akshaya Tritiya as only about 10 per cent of pre-Covid sales of 2019 are expected on Friday amid the raging pandemic sapping footfalls and purchasing power of people.
Major edible oil companies, including Adani Wilmar and Ruchi Soya, have reduced the maximum retail price (MRP) of their products by 10-15 per cent to provide relief to consumers, industry body SEA said on Monday. The prices have been reduced by Adani Wilmar (on Fortune brands), Ruchi Soya (Mahakosh, Sunrich, Ruchi Gold and Nutrella brands), Emami (Healthy & Tasty brands), Bunge (Dalda, Gagan, Chambal brands) and Gemini (Freedom sunflower oil brands), it said. OFCO (Nutrilive brands), Frigorifico Allana (Sunny brands), Gokul Agro (Vitalife, Mahek and Zaika brands) and others have also reduced prices, it added.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
As gold prices turn prohibitive, traders fear a drop of as much as 50% in sales over the previous season.
Many of them are housewives looking to increase income in households struggling with the economic devastation caused by COVID-19.
At the outset, decide whether you want to be a trader or an investor, suggest Sarbajeet K Sen and Sanjay Kumar Singh.
Since trading in virtual currencies is not illegal, they traded in cash or through barter in some instances.
Traders attributed the sharp rise in silver prices to a firming trend overseas.
'Largely, new demat accounts are now being opened by the younger crowd, particularly GenZ.' 'This is great news since younger investors start their journey with very little capital, so they are risking less.'
The finance ministry on Monday said the recent raid on perfume trader Peeyush Jain's house in Kanpur, from where more than Rs 177 cr unaccounted cash was unearthed, was the "biggest ever seizure of cash" by an enforcement agency. The December 26 raid, which resulted in Jain's arrest, included searches at Jain's residential/factory premises in Kannauj, where about Rs 17 crore in cash have been recovered, the ministry said in a release. Further searches are underway at Jain's residential/factory premises in Kannauj.
ONGC was the top loser in the Sensex pack, followed by HCL Tech, SBI, ICICI Bank, IndusInd Bank, Hero MotoCorp and M&M.
Jaitley on Monday rejected demands for rollback of the 1% excise duty.
In stock market parlance, "meme stock" was certainly the word of the year. Coined to mean those stocks that gain sudden popularity on the internet with resultant high prices, it was used to derisively describe the behaviour of retail traders globally who entered the market in huge numbers in the two Covid-19 years. A recent study, "Market Concentration and Retail Participation in India", by the National Stock Exchange economics team led by their chief economist Tirthankar Patnaik shows unlike these impressions, the retail investors, at least in India, have not performed inconsistently.
A Cabinet panel has allowed futures trading in 54 commodities including rice, wheat, pulses, oils, oilseeds, spices and metals, a government spokesman said on Thursday.
Retail jewellers may be exempted as customers are allowed to buy jewellery up to Rs 200,000 in cash
