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.
The precious metal had gained Rs 335 in the last two days.
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Traders said sustained selling by stockists on the back of sluggish demand mainly kept pressure on precious metals.
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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.
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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.
The yellow metal has risen 6.6 per cent since mid-August
While gold plunged by Rs 505 to Rs 30,380 per ten grams, silver fell by Rs 280 to Rs 49,300 per kg.
Globally, gold fell nearly 3 per cent
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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.
Traders said sustained buying by stockists and retailers amid a firm global trend where gold advanced as the drop to the lowest level in 34 months last week lured buyers mainly influenced the sentiment.
Silver also dropped by Rs 300 to Rs 38,400 per kg.
Gold regained its sheen on Wednesday by soaring Rs 315 to Rs 27,565 per 10 grams at the bullion market.
Silver also gained for the third-day and jumped by Rs 500 to Rs 43,000 per kg on increased offtake by industrial units and coin makers.
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Bullion merchants said sentiments in gold remained extremely weak after it plunged to two-month low in overseas markets as the outlook for higher US interest rates reduced the appeal of the metal as an alternative investment.
A weak global trend on speculation that signs of a strengthening US economy might reduce demand for the precious metals as safe haven also influenced the sentiment, traders said.
Buying activity in silver gathered momentum as the metal prices rose in global markets amid fresh buying by stockists and jewellers for the marriage season, traders said.
Industry representatives say the government may be tempted to raise the duty on gold and silver by Rs 100 per 10 gram and Rs 500 per kg, respectively, to earn extra revenue at a time the economy is facing several challenges.
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Traders said increased buying by jewellers and retailers, triggered by upcoming festive season, led to recovery in prices of the precious metal.
Silver also spurted by Rs 1,000 to Rs 37,500 per kg.
Gold and silver zoomed to end at new historic highs of Rs 9,500 and Rs 22,950 respectively on the Bullion market in Mumbai on Thursday
Silver also rose 0.8 per cent to $16.63 an ounce.
While gold gained Rs 320 to Rs 30,545 per ten gram after losing Rs 585 in last four sessions, silver recovered by Rs 390 to Rs 49,330 per kg, snapping Rs 2,260 losses of four days.
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.
Gold prices on Friday tumbled by Rs 360 to Rs Rs 30,060 per 10 grams in the bullion market on Friday, while silver shed Rs 550 on sluggish demand amid weak global cues.
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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.
Higher silver demand in the world's biggest buyer may help support prices, which have fallen almost 30 per cent this year on the international market.
Silver also eased by Rs 160 to Rs 41,100 per kg.
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.
Traders said sentiments dampened after gold fell the most in three weeks in overseas markets on speculation that the Federal Reserve would further curb monetary stimulus as the US economy recovers, reducing demand for the metal as an alternative investment.
Globally, gold lost 0.4 per cent to $1,274.19 an ounce in Singapore.
After a technology upgrade, the Multi Commodity Exchange of India (MCX) appears poised for an improvement in volumes. The premier commodity and forex exchange reported a loss of Rs 19.1 crore in the July-September quarter (second quarter, or Q2) of 2023-24 (FY24). This was attributed to higher software charges payable under an extended service agreement with 63 moons technologies and a one-off cost towards core guaranteed funds (CGF).
On the other hand, silver rose on good speculative as well as industrial demand.
Silver surged by Rs 1,575 per kg on higher speculative and industrial offtake.
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