Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.9 per cent to $1,327.94 an ounce and silver by 1.6 per cent to $20.61 an ounce.
Gold prices recovered by Rs 100 to trade at Rs 27,200 per 10 gm at the bullion market.
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The precious metal has lost Rs 100 in the past two days.
Gold prices rose further by Rs 210 to Rs 27,210 per ten gram in New Delhi on Wednesday on increased buying by jewellers and retailers to meet upcoming festive and wedding season demand amid a firming global trend.
After Wednesday's rise, gold prices drifted by Rs 190 to close at Rs 27,610 per ten gram in New Delhi on easing demand from jewellers and retailers amidst a weak global trend.
Traders said apart from increased buying by jewellers and retailers to meet seasonal demand, a firming trend in global markets on increased tensions in Ukraine and weakening dollar mainly influenced precious metal prices.
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.
Silver also rose 0.8 per cent to $16.63 an ounce.
Silver followed suit and rebounded by Rs 400 to Rs 44,800 per kg on increased offtake by industrial units and coin makers.
Gold prices in the country may even dip to Rs 20,500 per ten grams.
Attractively low prices, rising demand and a favourable ratio to gold point to better days ahead for the white metal.
15% of India's gold this year is likely to be smuggled in or arrive via other unofficial channels to beat a 10% levy imposed by the government
The slide in gold continued for the second straight day, with prices tumbling by Rs 200 to Rs 28,100 per ten gram at the bullion market on Friday largely in tandem with a weakening trend overseas amid low demand from jewellers.
Gold prices fell by Rs 100 to Rs 28,300 per 10 grams at the bullion market on Tuesday.
Silver also plunged by Rs 1,300 to Rs 46,000 per kg on poor offtake by jewellery fabricators and industrial units.
Confidence had ebbed in the last few years due to default by some errant domestic retailers and exporters. Moreover, many jewellers are believed to have diverted the fund collected through monthly deposit schemes to pay 'mark-to-market' margins on various loans.
The government on Friday hiked import tariff value on gold to $401 per 10 grams and on silver to $543 per kg in line with global price trends.
Traders said gold prices surged on hectic buying by stockists for the marriage season and weak rupee against the dollar, making the precious metal costlier.
Gold rose by Rs 190 to Rs 31,350 per ten grams in the national capital on Thursday as stockists and retailers remained net buyers of the precious metal for the marriage season amid a firming global trend.
Silver also fell for the third day.
Gold plunged by Rs 340 to Rs 30,660 per ten grams in the national capital on Friday on fall in demand amid a steep decline in the global markets.
Gold in New York, which normally sets price trend on the domestic front, fell 1.2 per cent to USD 1,207.70 an ounce silver by 2.9 per cent to USD 16.56 an ounce in yesterday's trade.
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.
Bullion traders attributed the fall in gold prices to a weakening global trend after the US added the largest number of jobs in almost three years, fuelling concerns that the Federal Reserve will move closer to raising interest rates.
Traders said subdued demand from jewellers and retailers at prevailing levels and a weak global trend led to fall in gold and silver prices.
Dealers expect prices to fall further, owing to an impending rate hike in the US
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.
The reimposition of sanctions on Iran will have major impact on countries like India, with which it has traditional and historic trade relationship.
Traders said besides reduced offtake at existing higher levels, weak trend in global markets mainly kept pressure on the prices of precious metals.
Traders said increased buying by stockists and retailers for the ongoing marriage season amid a firming global trend, as escalating tensions between Ukraine and Russia spur demand for haven assets, mainly led the rise in precious metal prices.
Bullion merchants said sustained buying by stockists on the back of pick-up in seasonal demand and a firm global trend mainly led to the rise in gold and silver prices.
Gold prices jumped by Rs 650, its biggest gain since June 20, to close at Rs 26,450 per 10 grams in New Delhi on Saturday on emergence of buying by jewellers and retailers amidst a rebound in global markets.
Gold gained Rs 220 on Tuesday.
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Gold in Singapore, which normally set price trend on the domestic front, fell by 0.28 per cent to Rs 1361.80 and silver by 1.90 per cent to 22.75 dollar an ounce.
Sentiments remained firm in precious metals on sustained buying by jewellers and retailers to meet ongoing festive season demand.
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.
Silver also recorded a significant rise of Rs 960 to Rs 39,250 per kg on increased offtake by industrial units and coin makers.
Indian stock markets have outshined gold and silver in FY15.
Traders said heavy selling by stockists against fall in demand at prevailing higher levels mainly kept pressure on gold prices.
Round-tipping creates the opportunity for exporters to source funds at a much cheaper cost, which they divert to some other business.
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