Marketmen said the persistent fall in gold prices to increased selling by selling after the Reserve Bank eased curbs on import of the yellow metal, allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports.
Silver, however, held steady at Rs 44,900 per kg in restricted buying activity from industrial units and coin makers.
Silver also dropped by Rs 900 to Rs 42,500 per kg on poor offtake by industrial units and coin makers.
Traders said fall in demand from jewellers and retailers due to end of festive season and a weak global trend where gold retreated from a six-week high as investors expected the Federal Reserve to end its bond-buying programme this week, eroding safe-haven demand, mainly pulled down precious metal prices here.
Chief Economic Adviser K V Subramanian on Monday said the overall impact of the second wave of COVID-19 on the country's economy is not likely to be large but cautioned about an uncertainty surrounding the pandemic going ahead. He further said that given the circumstances due to the pandemic, it is difficult to forecast if the country would achieve a double digit growth in the current fiscal. The Economic Survey 2020-21 released in January this year had projected GDP growth of 11 per cent during the current financial year ending March 2022.
Gold prices maintained its upward journey for the second day with a gain of another Rs 180 to Rs 27,300 per 10 gm on Monday.
Silver also slipped below the Rs 41,000-mark by falling Rs 525 to Rs 40,975 per kg on reduced offtake by industrial units and coin makers
Gold prices extended losses for the fourth straight day by losing Rs 325 to Rs 31,100 per ten grams on stockists selling.
However, silver snapped two-day rising trend and declined by Rs 215 to Rs 49,100 per kg on reduced offtake at prevailing higher levels.
Silver remained under selling pressure and lost Rs 200.
Traders said sentiments continued to remain bearish on persistent selling by stockists after the RBI last week eased import norms on the yellow metal by allowing select trading houses, in addition to already permitted banks, to procure the metal to boost exports.
Silver, however, found some buying support.
Gold in London, which normally sets price trend on the domestic front, fell by 0.1 per cent to $1,314.99 an ounce and silver by 0.3 per cent to $20.91 an ounce.
Extending losses for the third straight day, gold prices dropped Rs 220 to Rs 31,710 per ten gram in New Delhi on Wednesday on sustained selling by stockists amid sluggish demand coupled with weakening global trend.
Gold, which was hovering around $1,321 an ounce in January 2019, has already breached $1,600 per ounce in the past few sessions to a seven-year high.
Silver also lacked necessary follow-up support from industrial units and coin makers and lost Rs 300 to end at Rs 43,000 per kg.
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The tariff value of silver has, however, been hiked marginally to $1062 a kg
In Mumbai, gold of 99.9 and 99.5 per cent purity fell by Rs 160 and Rs 170 to Rs 29,780 and Rs 29,630 per ten grams, respectively; while silver gained Rs 60 to Rs 44,500 per kg.
Silver also fell by Rs 400 to Rs 41,000 per kg on poor offtake by industrial units and coin makers.
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In the Mumbai domestic market, gold stood at Rs 30,000/10g, down 0.9 per cent, while silver fell 2.5 per cent to Rs 50,275 a kg.
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Traders said low-level buying by stockists and shifting of funds from weakening equity to rising bullion mainly boosted the sentiment.
Gold prices rose further by Rs 80 to Rs 29,480 per 10 grams in the national capital today on sustained buying by stockists and retailers.
Traders said brisk buying by stockists for the ongoing wedding season mainly led an upsurge in precious metal prices.
Traders said sustained buying by stockists in line with a firming global trend mainly boosted the sentiment.
After losing Rs 730 in last six sessions after the Reserve Bank of India eased imports curbs by scrapping 80:20 scheme, gold staged a strong comeback by rising Rs 840 to close at Rs 27,040 per ten grams, a level last seen on October 30.
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A similar trend was witnessed in Mumbai as gold declined on fresh selling while silver held steady in limited deals.
Silver also shot up by Rs 400 to Rs 34,400 per kg.
Traders said profit-selling by stockists at existing higher levels amid a weak global trend as congressional negotiators reached a US budget agreement, curbing the appeal of the metal as a safe haven, mainly influenced gold prices.
Bullion merchants said increased buying by jewellers and retailers to meet wedding season demand and a firming trend overseas where gold surged to one-month high, mainly boosted the sentiment.
Traders said increased buying by stockists and retailers mainly kept gold prices remain higher for the third day.
As global economies contract because of the Covid-19 pandemic, the focus of most of the India Inc has now moved back to the home market where demand is expected to pick substantially from the coming festival season.
The government on Friday slashed import tariff value of gold to $507 per 10 grams and of silver to $871 a kg following fall in global prices of the precious metals.
Continuing its rising streak for the third day, gold prices advanced by Rs 130 to Rs 27,470 per ten grams in the national capital on Wednesday on increased buying by jewellers and retailers amid ongoing festive season even as the metal weakened overseas.
Silver maintained its rising streak for the fourth consecutive day and advanced Rs 100 to Rs 42,400 per kg on sustained buying by industrial units.
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