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.
Rising crude oil prices touching fresh record levels and plunging dollar boosted the gold prices on Thursday by Rs 220 to set a new peak at Rs 13,100 per 10 gram in the bullion market in New Delhi. Silver also traded at its ever highest level of Rs 25,000 per kg and its coins at Rs 27,000 per 100 pieces. Gold has climbed 19 per cent this year as the dollar fell and world equity markets headed for their worst start since 2001. The gold surge also influenced trading sentiments.
The RBI banned imports on a consignment basis, making it difficult for jewellers to source raw material.
Silver also recorded a steep fall of Rs 1,550 to Rs 34,450 per kg.
Silver also remained under selling pressure.
Globally, gold declined from the highest level.
Gold prices on Wednesday sky-rocketed by Rs 340 at Rs 11,510 per ten gram as investors directed their money to the precious metal after the dollar fell, sparked by Federal Reserve cutting key interest rates.
Gold prices declined by Rs 50 to Rs 28,270 per ten grams in New Delhi on Monday on slackened demand from jewellers at prevailing levels amid a weak trend in global markets.
Snapping its four-day losing streak, gold rebounded by Rs 100 to Rs 27,070 per ten grams at the bullion market on Wednesday.
However, silver remained under selling pressure for the sixth straight session and shed Rs 30 to Rs 43,470 per kg.
Silver met with resistance at prevailing levels.
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Silver also dropped by Rs 900 to Rs 42,500 per kg on poor offtake by industrial units and coin makers.
Traders said emergence of buying at prevailing lower levels by jewellers and retailers ahead of the festive and wedding season, a firm global trend mainly led the recovery in precious metals.
Snapping its two-day losing streak, gold prices on Wednesday rebounded by Rs 120 to Rs 28,420 per ten grams at the bullion market in New Delhi on revival of buying by jewellers to meet ongoing wedding season demand even as metal retreated overseas.
The spot gold price has gained 6 per cent this month after closing September in the high $730s. In just two months, gold has amassed 15 per cent in gains, up nearly 25 per cent so far this year. Analysts, however, say the market could be getting overheated and in need of a correction. Jon Nadler of Kitco.com agreed, telling traders to "stay on the alert for another arm-wrestling session between the profit-takers and the buyers out there."
Gold in New York, which mostly set the price trend on the domestic front, jumped up by $33.50, or 2.73 per cent to $1,262.60 an ounce and silver by 0.68 per cent to $16.96 an ounce in Thursday's trade.
Gold regained its sheen on Wednesday by soaring Rs 315 to Rs 27,565 per 10 grams at the bullion market.
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.
Gold prices plunged by Rs 220 to Rs 27,350 per ten grams at the bullion market in New Delhi on Thursday, snapping a four-day rising streak, owing to slackened demand at prevailing higher levels amid a weak global trend.
Silver, however, met with resistance and traded lower by Rs 200.
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Silver also spurted by Rs 1,000 to Rs 37,500 per kg.
Gold continued its upward trend for the sixth straight day and gained another Rs 190 to Rs 26,190 per ten gram at the bullion market on Thursday.
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