Globally, gold declined from the highest level.
A drop in demand from local jewellers and retailers at current levels weighed on the prices
Traders said sentiment turned somewhat weak after gold fell in global markets ahead of US payrolls data that may show employers added more workers last month, boosting the case for an increase in borrowing costs in the largest economy.
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.
On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 220 each to Rs 30,800 and Rs 30,600 per ten grams, respectively.
Gold in New York, which normally sets price trend on the domestic front, fell 0.46 per cent to $1,288.20 an ounce and silver by 0.84 per cent to $20.13 an ounce in yesterday's trade.
Traders attributed the rise in gold prices to increased buying by stockists and retailers to meet the wedding season demand.
Silver also lost Rs 550 to Rs 36,350 per kg on poor offtake by industrial units and coin makers.
Traders said fall in demand from jewellers and retailers at existing levels mainly led to the fall in gold prices but a better trend overseas restricted losses.
Traders said lack of buying support from retailers and jewellers who preferred to keep their activity restricted, anticipating further fall in coming days, mainly kept gold prices unchanged.
Silver coins continued to be sought after at the last level of Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.
Prices registering a whopping 65 per cent growth in domestic markets and a 75 per cent jump in the US.
Bullion traders said sustained buying by jewellery fabricators and retailers to meet the festive season demand mainly kept precious metal prices higher.
Silver climbed by Rs 600 to Rs 38,700 per kg.
Silver also fell for the third day.
Sentiments remained subdued largely in tandem with a weak trend in global markets where gold traded at a four-year low as surging dollar waned demand for the precious metals, traders said.
In London, gold prices eased today, as the euro ran into profit-taking and stock markets dipped.
Pure gold of 99.9 per cent purity gained by Rs 120 per 10 gm to close at Rs 30,470 from Rs 30,350.
Gold in New York, which normally sets price trend on the domestic front, traded marginally up 0.07 per cent to $1,291.80 an ounce.
Traders said selling by stockists amid a weak global trend as a rally in equities dampened demand for an alternative investment amid concern that physical consumption is faltering mainly influenced the sentiment.
Globally, gold advanced 0.3 per cent to USD 1,179.35 an ounce in Singapore.
Traders said apart from buying by retailers for the coming festive season, a better trend in the global market mainly led to rise in gold prices.
Traders said sentiment remained weak after gold dropped to a seven-month low and silver slumped to the lowest since June 2013 in global markets as speculation that US borrowing costs will rise sooner-than-expected strengthened the dollar, eroding demand for precious metals as alternative investment.
Gold and silver zoomed to all-time highs in New Delhi on Monday on brisk buying by stockists and jewellers for the upcoming marriage season amid firm global cues.
Gold falls on muted demand, silver shapes up on fresh buying.
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.
Meanwhile, retail jewellery sales in India have declined by 50 per cent since gold price started its uptrend nearly two weeks. Buyers deferred their fresh purchase amid expectations of a correction in gold prices from the current high level.
Extending gains for the second day, gold prices moved up by another Rs 70 to Rs 28,300 per ten gram in the national capital on Friday on increased buying by jewellers and retailers, driven by festive season demand coupled with firming global trend.
Rate in the global markets us normally sets price trend on the domestic front.
Traders said some demand for the festive season mainly supported the rise in prices of both the precious metals.
Traders said gains in equities and a stronger dollar dented demand for the precious metals too.
Silver staged a comeback by rising Rs 300 to Rs 36,800 per kg,
Jewellers in India, the world's second largest gold consuming country after China, have started receiving more inquiries for purchase of gold or silver immediately after the Reserve Bank's announcement to withdraw Rs 2,000 notes from circulation. However, there is no panic buying of the precious metal unlike the situation witnessed in 2016 during demonetisation, jewellers body GJC said on Sunday. In fact in the last two days, the actual gold purchase has been less in exchange of Rs 2,000 notes due to strict Know your Customer (KYC) norms although sources said some jewellers have started charging a 5-10 per cent premium, taking the gold prices to Rs 66,000 per 10 grams level.
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In Mumbai, gold of 99.9 and 99.5 per cent purity rebounded by Rs 170 and Rs 190 to Rs 30,650 and Rs 30,520 per ten grams, respectively. Silver jumped by Rs 1,050 to Rs 46,800 per kg.
The government on Friday hiked the import tariff value on gold to $363 per 10 gram in line with global prices.
gold prices fell by Rs 210 to Rs 26,600 per 10 grams.
In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs 130 each to Rs 30,600 and Rs 30,400 per 10 grams, respectively.
Traders said besides stockists selling, a weakening global trend where gold posted its biggest decline in almost seven months as Portuguese banking concerns eased and equities gained, diminishing safe-haven demand.
Notwithstanding the robust turnaround in the financial performance for the June quarter (Q1FY24), stocks of state-run oil marketing companies have been in a downtrend in the last month. The fall comes on a rise in crude oil prices that have surged to a 7-month high of $88 a barrel. A busy political calendar in the months ahead that may see the government keep a lid on auto fuel prices is also a dampener, analysts said. Shares of Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL) and Indian Oil (IOC) have shed 9-11 per cent since their respective earnings announcement between July 26 to August 4.
Silver also recovered Rs 600 to Rs 45,200 per kg on increased offtake by industrial units and coin makers.
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