Gold continued to slide for the second straight day on Saturday as prices fell by Rs 50 to Rs 30,250 per 10 grams at the bullion market, tracking a weak global trend amid tepid demand from jewellers.
Gold imports fell 10.3 percent to USD 1.80 billion in September due to sliding prices of the metal in both global and domestic markets.
Silver also dropped by Rs 275 to Rs 42,350 per kg due to reduced offtake by industrial units and coin makers.
Gold traded within a narrow range throughout the week, after falling nearly 5 percent in the previous week.
Investors pulled out Rs 77 crore from gold exchange-traded funds (ETFs) in September, taking the total withdrawal to Rs 539 crore in the first six months of the current fiscal.
Gold prices are likely to stay firm in the range of Rs 30,500-Rs 33,500 per 10 grams in the backdrop of global political and financial risks, says a study by industry body Assocham.
Snapping its four-day falling streak, gold rebounded by Rs 170 to trade at Rs 30,410 per 10 grams at Delhi bullion market Monday.
Gold extended its slump for the third day and lost another Rs 170 to Rs 30,320 per 10 grams in the bullion market Friday amid a weakening global trend and slack demand from jewellers.
Gold fell for a ninth straight session on Friday on a stronger dollar ahead of key US jobs data and the metal was headed for its worst weekly dip in over three years on increased expectations of a Federal Reserve rate rise by year end.
After yesterday's steep fall of Rs 730, gold prices were down by another Rs 30 to Rs 30,490 per 10 grams at the bullion market Thursday, tracking a weak global trend amid muted demand from jewellers at the spot market.
Gold cracked as much as Rs 730 -- its biggest one-day fall this year -- to Rs 30,520 per 10 grams, in sync with a weak trend overseas on growing US rate hike buzz amid a fall in demand at the spot market.
Asian shares and gold retreated on Wednesday and bond yields were near two-week highs as markets were rattled by a media report flagging the possible withdrawal of the European Central Bank`s bond buying program.
Gold soared by Rs 50 to Rs 31,250 per ten grams at the bullion market Tuesday on increased buying by jewellers at domestic spot market, even as the metal weakened overseas.
Silver prices declined by Rs 50 to Rs 45,450 per kg at the bullion market Monday, tracking a weak trend overseas amid reduced offtake by consuming industries at domestic spot market.
On the other hand, silver held steady at Rs 45,500 per kg in scattered deals from industrial units and coin makers.
Rising for the second straight day, gold prices climbed Rs 175 to Rs 31,525 per 10 grams Friday, lapping up positive global cues amid increased buying by jewellers in the domestic spot market.
India's gold demand is likely to fall to around 750-800 tonnes in 2016, as against 860 tonnes last year, mainly due to sharp rise in prices and jewellers' strike following new regulations, World Gold Council has said.
Gold slipped by Rs 150 to Rs 31,300 per 10 grams at the bullion market Wednesday on the back of waning demand from jewellers at domestic spot market amid a weak global trend.
Gold prices moved lower by Rs 80 to Rs 31,520 per 10 grams Monday, tracking a weak trend overseas amid slack demand from jewellers in the domestic spot market.
Snapping its five-day rising streak, gold prices slipped by Rs 30 to Rs 31,520 per 10 grams at the bullion market Friday amid slackened demand from jewellers at domestic spot market and a weak trend overseas.