Traders said sustained buying by stockists and retailers for the marriage season amid a firm global trend where gold rallied on signs of increasing demand as holdings in the biggest exchange-traded product expanded the most since 2011, mainly bolstered the sentiment.
Standard gold and ornaments dropped by Rs 500 each at Rs 11,950 and Rs 11,700 per 10 gram respectively. Sovereign fell by Rs 50 at Rs 10,450 per piece of eight gram.
Silver also advanced by Rs 200 to Rs 36,500 per kg.
Gold prices on Monday drifted by Rs 105 to trade at a three-week low of Rs 27,225 per ten grams.
Silver also drifted by Rs 450 to Rs 37,650 per kg.
Gold in Singapore advanced as much as 1 per cent to $1,202.08 an ounce.
Silver also drifted by Rs 600 to Rs 39,100 per kg.
Gold prices surged by Rs 150 to trade at fresh three-month high of Rs 27,575.
The precious metal has now lost Rs 280 in last three days.
Globally, gold rose 0.83 per cent to $1,290.90 an ounce and silver was up 0.79 per cent to, $17.92 an ounce in London in early trade on Tuesday.
Traders said sentiment turned weak largely in tandem witha weak trend overseas where gold fell to 8-month low after the Federal Reserve raised its interest-rate forecasts this week, strengthening the dollar, reduced the metal demand.
Silver also rose further by Rs 100 to Rs 37,600 per kg.
Traders said sentiment turned bearish on emergence of stockists selling at existing higher levels amid weak global trend as improving economic growth reduced demand for the precious metals as an alternate investment.
Gold remained higher by adding another Rs 70 to Rs 27,550 per ten grams at the bullion market on Tuesday.
Gold prices on Friday fell by another Rs 25 to Rs 27,225 per ten grams at the bullion market in the national capital due to slackened demand at prevailing levels from jewellers and retailers amid a weak trend overseas.
The precious metal had gained Rs 1,240 in the last eight days.
The Reserve Bank of India (RBI) on Friday kept key repo rate unchanged at 4 per cent in view of rising inflation and faint signs of economic growth amid gradual lifting of coronavirus (COVID-19) lockdown. The central bank's newly-constituted monetary policy committee (MPC) began its three-day meeting on October 7 and maintained the stance as accommodative. It also kept the reverse repo rate unchanged at 3.35 per cent.
Bullion merchants said apart from subdued demand from jewellers and retailers despite ongoing festive season, a weakening global trend where gold eased to over one-week low as investors weighed the health of the global economy against tension between Ukraine and Russia, mainly weighed on precious metal prices.
In Mumbai, gold traded higher at Rs 30,330 per 10 grams and silver traded lower at Rs 44,400 per kg.
In 2013, the fall in international gold prices was 28 per cent.
India's exports fell for the fourth straight month in June as shipments of key segments like petroleum and textiles declined but the country's trade turned surplus for the first time in 18 years as imports dropped by a steeper 47.59 per cent.
The prices of yellow metal declined despite the ongoing token buying for the auspicious festival of Dhanteras.
Traders said besides reduced offtake at existing higher levels, weak trend in global markets mainly kept pressure on the prices of precious metals.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
Traders said slackened demand at prevailing higher levels amid a weak global trend mainly kept gold prices while silver recovered on some buying from industrial units.
Traders said reduced offtake by stockists and retailers at existing higher levels amid a weak global trend as US economic data reinforced concern that the Fed will begin trimming stimulus measures, curbing demand for precious metals as a haven, mainly pulled down the bullion prices.
Snapping its four-day losing streak, gold rebounded by Rs 100 to Rs 27,070 per ten grams at the bullion market on Wednesday.
Traders said the precious metals remained in demand for the ongoing festivals and marriage season, while silver rose on industrial units and coin makers demand.
Silver also reclaimed the Rs 34,000 per kg mark.
Traders said sentiment remained bearish after gold and silver fell in global markets as the dollar's rally to a 13-month high dampened demand for the precious metal as an alternative investment.
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Gold, which had surged after government decided to increased import duty, lost Rs 125 to Rs 29,700 per 10 grams.
Marketmen said emergence of low level buying by stockists and retailers for the wedding season amid a firm global trend mainly helped gold prices to rebound.
Traders said stockists booking profits at prevailing higher levels following a rise of Rs 350 against sluggish demand mainly kept pressure on gold prices.
Gold continued its upward trend for the sixth straight day and gained another Rs 190 to Rs 26,190 per ten gram at the bullion market on Thursday.
Gold slips by Rs 150 on low demand.
Silver recovered by Rs 100 to Rs 36,950 per kg.
Silver, however, met with resistance and traded lower by Rs 200.
Gold in New York, which mostly set the price trend on the domestic front, jumped up by $33.50, or 2.73 per cent to $1,262.60 an ounce and silver by 0.68 per cent to $16.96 an ounce in Thursday's trade.
Gold in New York, which normally sets price trend on the domestic front, fell by 0.39 per cent to $1,280.80 an ounce.
Traders said slackness in demand from retailers and jewellers at current levels mainly led to decline in gold prices.
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