Silver also recovered by Rs 200 to Rs 37,000 per kg.
Spot gold was trading little changed at $1,315.15 an ounce in early European trade.
In the overseas market, the yellow-metal was trading higher amid bargain hunting.
Silver ready rose by Rs 100 to Rs 37,000 per kg.
The Sensex ended at 17,098, lower by 21 points and the Nifty closed at 5,106, down 12 points.
The ongoing wedding season could not boost the trading sentiment and low demand from jewellers and retailers was witnessed, traders said, adding that a weak global trend because of strengthening of dollar also reduced appeal for the bullion.
A rally was also seen in sovereign and silver coins that rose to dizzy heights on scattered buying support from retail customers for the ongoing heavy marriage season.
During April, the imports stood at 34.2 tonnes, as per data given by the Bombay Bullion Association.
Continuing its record setting spree, gold on Friday surged by Rs 100 and touched a new high of Rs 17,500 per 10 gram in the bullion market in New Delhi on heavy buying by jewellery makers amid firming global trend.
Gold prices on Thursday crossed the crucial Rs 17,000 per 10 gram level in the bullion market here, buttressed by frantic buying by jewellers for the ongoing marriage season amid a firming global trend.
Gold prices rose further by Rs 10 to Rs 27,500 per ten grams in the national capital today on the back of pick-up in buying by jewellers to meet wedding season demand.
Gold prices dropped Rs 130 to Rs 29,450 per ten gram in the national capital on Tuesday as demand from jewellers and retailers declined at prevailing levels amid a weak global cues.
Gold rebounds after 3-day fall on renewed demand, global cues.
Prices of the precious metal zoomed by Rs 260 to Rs 18,660 and ornaments by a similar margin to Rs 18,510 per ten grams.
Gold prices in the national capital touched a peak of Rs 16,250 per 10 grams before Diwali, on October 14, from Rs 15,370 in the beginning of September. The prices are ruling at Rs 16,175 per 10 grams on Friday.
Silver coins also tumbled by Rs 1,000 to Rs 52,000 for buying and Rs 53,000 for selling of 100 pieces.
Traders said besides scattered buying by stockists and retailers to meet the ongoing wedding season demand, a firming global trend where gold advanced to almost three-week high as escalating tension in Ukraine increased demand for a haven, mainly influenced the sentiment in New Delhi.
Silver remained under selling pressure and lost Rs 200.
Gold prices declined by Rs 30 to Rs 27,370 per ten gram in New Delhi on Friday as demand from jewellers retailers dried up at prevailing levels to some extent amidst a weak global trend.
Silver, however, ended steady at Rs 36,000 per kg.
Gold prices may be scorching at an all-time high of Rs 16,000, but it has failed to keep away jewellery buyers from making purchases ahead of the festive and marriage seasons in anticipation that the rates may shoot up further.
Last week, gold achieved a new peak at Rs 16,100 per 10 grams, after the precious metal in the overseas markets surged to $1,003 an ounce to a six-month high as a weaker dollar boost its appeal as an alternative investment. With most of the asset classes giving positive returns, investment demand for gold is rising, she said, adding, there has been a net inflow of about Rs 80 crore (Rs 800 million) in the last three months (June-August).
Traders said stockists buying for the ongoing marriage season mainly led the recovery in gold and silver prices.
The precious metal spurted by Rs 270 at Rs 15,700 per 10 gram, a level last seen on February 18.
Silver followed suit and gained Rs 65 to Rs 39,600 per kg on increased offtake by industrial units and coin makers.
Silver also eased by Rs 200 to Rs 37,200 per kg.
Gold in New York, which normally determine a price trend on the domestic front, fell 0.40 per cent to $1,233.70 an ounce in Tuesday's trade.
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.
Traders said stockists selling against sluggish demand at prevailing higher levels amid weak global trend mainly kept pressure on precious metals.
India's gold obsession needs a correction.
The yellow metal has lost Rs 390 in last three days.
Tips for getting insurance cover and renting bank lockers for gold.
Jim Rogers' decision not to invest now is not India-specific, but has to do with the problems relating to how the major global economies are shaping up.
The London-based global precious metals consultancy firm, however, warned that the rally may not be straight as a summer lull or the need for inflationary pressures to build could result in a period of sub-$900 prices in the short term.
Gold and silver have been shining bright in terms of adding to the investors' wealth compared with the other asset class -- stocks -- so far this year.
Globally, gold fell by 0.94 per cent to $1,094.20.
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Traders said some local buying mainly helped both gold and silver prices to recover some ground.
On the domestic front, gold of 99.9 and 99.5 per cent purity shed Rs 30 each to Rs 30,700 and Rs 30,500 per 10 grams, respectively. It had lost Rs 330 in last two trades.
Silver followed suit and advanced by Rs 50 to Rs 33,750 per kg.
Gold on Tuesday eased by Rs 25 to Rs 27,450 per ten grams on favourable cues.
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