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.
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.
Silver also reclaimed the Rs 34,000 per kg mark.
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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.
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.
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.
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.
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.
Traders said slackness in demand from retailers and jewellers at current levels mainly led to decline in gold prices.
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.
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.
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.
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.
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Silver remained under selling pressure and lost Rs 200.
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 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.
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
Silver, however, found some buying support.
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.
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.
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.
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.
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.
Traders said low-level buying by stockists and shifting of funds from weakening equity to rising bullion mainly boosted the sentiment.
Stocks continue to outshine gold and silver when it comes to adding to investors' wealth by giving 8 per cent return so far this year.
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.
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