Gold tumbled by Rs 310 to Rs 30,290 per ten grams in the national capital today on heavy sell-off by stockists and a weak global trend.
Gold prices fell further by Rs 75 to Rs 27,025 per ten gram at bullion market in New Delhi on subdued demand even as the metal strengthened overseas.
Silver also rebounded by Rs 570 to Rs 38,100 per kg on increased offtake.
In August 2021, Nick Read, chief executive of Vodafone Plc at the time, did not mince his words while speaking about the India business in an earnings call. Replying to an analyst's question on Vodafone Idea, a venture with the Aditya Birla Group that had piled on huge debts and worrisome losses, Read described it as a highly stressed situation that "they (Vodafone Idea) are trying to navigate... "We, as a group, try to provide them as much practical support as we can, but I want to make it very clear, we are not putting any additional equity into India.''
Traders said stockists selling on sluggish demand at prevailing higher levels mainly kept pressure on the two commodities.
Spot gold dropped at $ 1,081.85 an ounce in early European trade and silver dipped $ 14.64 an ounce.
Gold lost its sheen with prices falling by Rs 120 to Rs 28,300.
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In line with overall trends, silver ready traded lower by Rs 350 to Rs 36,950 per kg and weekly-based delivery by Rs 480 to Rs 36,945 per kg.
Once a quality stock has been bought, the next challenge is to hold on to it -- no mean feat in this age of information overload and incessant noise.
However, silver rose for the third straight session by adding Rs 375 to Rs 48,800 per kg on increased offtake by industrial units and coin makers.
Gold in global markets fell toward a one-week low as investors awaited the outcome of the US Federal Reserve's meeting and assessed the situation in Ukraine, which impacted the prices at domestic markets, traders said.
It's a precious metal, but the cheapest, gives good returns and is easy to buy at diverse quality outlets.
While gold zoomed up by Rs 410 to Rs 30,810 per ten gram, silver jumped up by Rs 990 to Rs 51,200 per kg on increased offtake by stockists on the back of firm global trend.
Traders said apart from fresh buying by jewellers and retailers, firm global trend amid signs of increased demand in China and India, the world's two largest consumers, influenced gold prices.
Gold prices ruled steady at Rs 27,250 per 10 grams in restricted activity at the bullion market on Monday.
Gold prices rose by Rs 100 to Rs 26,550 per 10 grams at the bullion market on Tuesday.
Silver also surged by Rs 1,050 to Rs 35,500 per kg on increased offtake by industrial units and coin makers.
A weak trend was noticed in Mumbai, as gold of 99.9 and 99.5 per cent purity slipped by Rs 60 each to Rs 30,540 and Rs 30,390 per ten gram respectively, while silver lost Rs 200 at Rs 45,600 per kg.
Traders said some buying activity by jewellers and retailers mainly kept gold prices steady.
Globally, gold prices slipped by 0.26 per cent to $1,246.20 an ounce in early trade in London.
The precious metals had lost Rs 210 in the previous session.
Investors can sell a part of the stocks, mutual funds, exchange-traded funds, and other securities held in their portfolios at a loss and use this loss to offset tax on the capital gains made on the sale of other securities.
Gold prices plunged by Rs 200 to trade at Rs 27,000 per 10 grams at the bullion market on Thursday.
Traders attributed the recovery in gold prices to a better trend in global markets.
Globally, gold added 0.4 per cent to $1,163.73 an ounce in Singapore.
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.
Silver coins also tumbled by Rs 1,000 to Rs 52,000 for buying and Rs 53,000 for selling of 100 pieces.
The government on Friday slashed the import tariff value of gold to $535 per 10 gram and reduced the rate for silver marginally to $1,003 per kg due to weakening global prices of precious metals.
Gold prices fell by Rs 100 to Rs 28,300 per 10 grams at the bullion market on Tuesday.
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.
Globally, gold climbed $12.10, or 1 per cent, to $1,220.40 an ounce.
Traders said stockists selling in line with a weak global trend as an improving US economy prompted the Federal Reserve to cut stimulus, which reduced demand for precious metals as alternative assets.
The tariff value on imported gold earlier stood at $398 per 10 grams, while on silver at $643 per kg.
Globally, in Singapore, gold traded a tad higher at USD 1,182.22 an ounce, from $1,182.01 on Thursday.
However, silver extended its weakness for the second straight day and lost Rs 90 to Rs 45,230 per kg on reduced offtake by industrial units and coin makers.
The tariff value, which is released every fortnight, is the base price on which the customs duty is determined to prevent under-invoicing.
Bullion merchants said sustained buying by stockists and jewellers to meet the ongoing wedding season demand mainly kept gold prices higher.
Traders said stockists selling against sluggish demand at prevailing higher levels amid weak global trend mainly kept pressure on precious metals.
Gold in London, which normally sets price trend in the domestic markets, rose by 0.1 per cent to $1,313.42 an ounce on speculation the US Federal Reserve may further cut monetary stimulus, raised demand for the metal as a safe haven.
Gold prices recovered by Rs 50 to Rs 26,800 per 10 grams at the bullion market on Friday.
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