While gold fell by Rs 100 to Rs 31,350 per 10 grams and silver by 455 to Rs 47,445 per kg on reduced offtake as recent upsurge advised stockists to book profits.
Traders said fresh buying by stockists for the ongoing marriage season mainly led to a recovery in gold and silver prices.
Marketmen said emergence of buying at prevailing levels by jewellers and retailers to meet upcoming festive season demand mainly supported the upside in gold prices.
Five singles matches were cancelled as persistent rain washed out a large chunk of play on the opening day of the Australian Open on Sunday, disappointing the large crowds that flocked to Melbourne Park.
Tracking a weak trend overseas and low demand from domestic jewellers and retailers, gold prices plunged by Rs 200 to Rs 26,350 per ten gram in New Delhi on Monday.
Traders said stockists buying for the ongoing marriage season mainly led the recovery in gold and silver prices.
Domestic prices up 30 per cent, global 38 per cent in just two months.
Traders said some buying for the marriage season mainly helped gold prices to recover.
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.
Meanwhile, silver coins continued to be traded at previous level of Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.
Silver coins shot up by Rs 1,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.
Traders said some buying by jewellers and retailers and a firm trend in Asian region mainly kept gold prices steady.
India men's hockey team captain Harmanpreet Singh has two Olympic bronze medals in his cabinet, but rues missing out on World Cup glory.
A garland presented to Mahatma Gandhi during the iconic Dandi March of the Indian freedom struggle in 1930 failed to meet its estimated price at a UK auction. The garland, which was presented to Gandhi by the wife of his personal physician, Dr Balvantrai N Kanuga, was offered as part of an "Islamic and Indian Art" sale by Lyon & Turnbull in London. Despite failing to find a buyer at the auction, the auction house said it has received significant interest since the sale and hopes to sell it to the highest bidder.
Silver is emerging as a stronger bet for the long-term.
Gold prices drifted by Rs 100 to Rs 28,400 per ten grams at the bullion market today as demand from jewellers and retailers eased at existing levels amidst a weak global trend.
India's exports registered a steepest decline in 13-month falling 9.3 per cent in August to $34.71 billion due to global economic uncertainties, while the trade deficit soared to a 10-month of $29.65 billion. According to the government data released on Tuesday, imports increased by 3.3 per cent to $64.36 billion, which is a record high, due to a significant jump in the inbound shipments of gold and silver.
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.
On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 15 each to Rs 30,050 and Rs 29,850 per ten gram, respectively.
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.
Marketmen said fall in demand from jewellers and retailers at prevailing higher levels and a weak global trend mainly led to the fall in gold and silver prices.
The surge in volatility across the globe sparked by Russian invasion of Ukraine has led to an increase in prices of gold and silver - considered to be safe-haven investment bets. In the past month, silver funds have delivered returns of 7.34 per cent, while gold funds on an average have risen around 6 per cent. In comparison, the benchmark Nifty has declined 4 per cent. Fund managers say precious commodities act as a good hedge against inflation and phases of geopolitical uncertainty.
After gold, it was silver's turn to scale new highs as ready silver rallied to touch an all-time high of Rs 12,340 per kilo in the opening session on the bullion market here on Thursday due to heavy buying activity.
The import tariff value -- base price at which customs duty is determined to prevent under-invoicing -- is revised on a fortnightly basis.
Despite the low prices, commodities are risky investments
In Singapore, gold prices have risen by 0.46 per cent to $ 1,294.20 from $ 1,288 per ounce in last one fortnight.
Silver prices zoomed to set an all-time high peak at Rs 12,750 per kilo on the bullion market on Saturday as stockists and jewellers bought silver, shifting from the yellow metal which touched a record high.
Traders said increased selling by stockists, tracking a weak trend overseas as investors awaited US employment data that may show the economy is strengthening, mainly dampened the sentiment.
When overall gems and jewellery exports remained resilient so far this year on global economic uncertainty, shipment of silver jewellery witnessed a phenomenal growth so far this year.
Treat silver as part of the procyclical or growth assets in your portfolio, advises Sanjay Kumar Singh.
Silver prices bounced back by Rs 345 per kilo on the bullion market in Mumbai on Friday due to heavy buying after a smart rise in the global prices. Gold also recovered smartly on fresh bouts of stockists' buying.
Inflows into gold exchange-traded funds (ETFs), which manage a total of Rs 37,390 crore, have surged sharply in recent months. This trend is likely to continue, especially after the reintroduction of long-term capital gains tax (LTCG), which is likely to attract smart money into mutual fund offerings amid a robust outlook for the yellow metal. Smart money, also known as opportunistic flows, refers to strategic investments that are generally of a short-term horizon.
Traders said profit-selling by stockists at existing higher levels amid a weak global trend as deepening euro-zone debt crisis weakened euro against the dollar and shifted investors interest from bullion to forex and equities.
A strong appetite for gold on Friday's Dhanteras is expected this year due to auspicious reasons and geopolitical concerns, continuing the 2022 trend driven by pent-up COVID demand. Compared to last year's Dhanteras, gold prices have jumped 22 per cent and silver prices by 21 per cent, respectively. "Gold and silver are good for portfolio diversification, especially in times of geopolitical turbulence.
Traders said subdued demand from jewellers and retailers at prevailing levels and a weak global trend led to fall in gold and silver prices.
Traders said stockists selling against sluggish demand at higher levels mainly led to fall in gold and silver 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 in Singapore, which normally sets price trend on the domestic front, fell by 0.3 per cent to $1,180.78 an ounce.
In Singapore, gold fell by 0.17 per cent to $1,253.80 an ounce.
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Traders said heavy selling by stockists, triggered by a weak global trend, led to the fall in prices of gold and silver.
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