On the domestic front, gold of 99.9 and 99.5 per cent purity shed Rs 30 each to Rs 30,700 and Rs 30,500 per 10 grams, respectively. It had lost Rs 330 in last two trades.
The new government that presents the full Budget for 2024-2025 in July should be ready to restructure the way divestment is managed and implemented, proposes A K Bhattacharya.
Traders said sentiment bolstered after gold jumped to a one-month high in overseas markets as expectations the US Federal Reserve will sustain stimulus hurt the dollar, and raised demand for precious metals as an alternate investment.
Gold edged higher by 0.19 per cent to $1,225.80 an ounce
Globally, gold lost 0.8 per cent to $1,154.60 an ounce.
The government on Tuesday cut the import tariff value on gold and silver to $396 per 10 gram and $575 per kg, taking into account weak global trends.
Gold prices jumped by Rs 470 to Rs 30,670 per ten gram in the national capital on Monday on brisk seasonal demand amid a firm global trend.
Retail investors are turning to the commodities market as an investment option. Rising commodity prices have resulted in these giving better returns than equity markets.
Silver also recovered by Rs 515 to Rs 36,750 per kg on increased offtake by industrial units and coin makers.
Gold prices on Monday recovered by Rs 25 to trade at Rs 27,475 per 10 grams at the bullion market on pick-up in demand from jewellers.
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Gold prices rose for the third straight day.
Traders said sustained selling by stockists against falling demand at prevailing higher levels mainly led to decline for the second day in the precious metals.
Traders said sluggish demand at prevailing higher levels amid a weak trend in Asian region mainly led to decline in gold prices while increased industrial demand helped silver to trade higher.
Traders said stockists selling against sluggish demand mainly led to decline in gold prices.
Gold prices maintained an upward march for the third consecutive day by rising Rs 290 to Rs 30,490 per ten grams in the national capital on sustained buying by stockists amid a firm global trend.
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.
Traders said sentiment remained bullish as stockists increased their positions to meet the seasonal demand.
Traders said stockists selling in line with a weak global trend as stronger dollar reduced appeal for the precious metal, led to decline in gold prices.
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Gold prices firm up on global cues.
Silver coins also spurted by Rs 1,000 to Rs 56,000.
Gold, silver shine in Diwali trade on jewellers buying
Silver also recorded a steep fall of Rs 1,550 to Rs 34,450 per kg.
On speculative front as well, non-commercials have decreased bullish bets on COMEX silver futures and options to a three-month low.
In the overseas market, the yellow-metal was trading higher amid bargain hunting.
Traders said sustained buying by stockists to meet the rising demand for the 'Navratras,' an auspicious week in Hindu mythology for making fresh purchases mainly pushed up the prices of the precious metals.
The precious metal had gained Rs 335 in the last two days.
After three days of gains, gold prices on Tuesday fell by Rs 70 to Rs 30,500 per ten gram in the national capital on profit-selling by stockists at prevailing higher levels amid a weak global trend.
Traders said sustained selling by stockists on the back of sluggish demand mainly kept pressure on precious metals.
Extending its gains for the second straight day, gold prices rose by another Rs 100 to Rs 28,450 per ten gram in New Delhi on Monday on pick up in demand from jewellers even as the metal weakened overseas.
Having seen reinforcement from North Block, analysts have begun to see the silver lining in the Indian markets.
The yellow metal has risen 6.6 per cent since mid-August
Gold prices retreated sharply from its overnight new record high at the domestic bullion market on the back of heavy unwinding by stockists and traders, triggered by sharp fall in international markets.
While gold plunged by Rs 505 to Rs 30,380 per ten grams, silver fell by Rs 280 to Rs 49,300 per kg.
Exports contracted by 2.6 per cent to $34.47 billion in September even as the country's merchandise trade deficit narrows to $19.37 billion during the month under review, according to the government data released on Friday. Easing commodity prices helped in cutting down the country's import bill by 15 per cent to $53.84 billion in September, the 10th consecutive month of decline. During April-September this fiscal, exports contracted by 8.77 per cent to $211.4 billion.
Globally, gold fell nearly 3 per cent
Silver also eased by Rs 150 to Rs 41,700 per kg.
Sentiment remained bearish as gold fell in global markets after better-than-expected US economic data backed the case for the Federal Reserve to slow stimulus, traders said.
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