Silver fell by Rs 200 to Rs 39,400 per kg at the bullion market today due to reduced offtake even as gold held steady.
Gold prices fell on Tuesday as USA stock markets stabilised, easing fears of a deeper selloff, and the U.S. dollar strengthened, making bullion more expensive for users of other currencies. USA gold futures fell 0.6 percent to $1,332.60 an ounce.
US gold futures were up 0.1 percent at $1,338.40 an ounce. "Should the greenback regain its poise then gold could come under further pressure". While US stock markets suffered from a significant sell-off at the start of the day, the S&P 500 ended the day more than 1% higher.
"It's going to take a significant trigger to push it beyond this range", said Danske Bank analyst Jens Pedersen.
Gold is often used as a safe place to park assets during times of financial or political uncertainty.
The Trump administration this week will unveil a list of advanced technology Chinese imports targeted for US tariffs to punish Beijing over technology transfer policies, a move expected to intensify trade tensions between the world's two largest economies.
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Other experts also expect the gold price to increase in the long term, such as Rob McEwen of McEwen Mining (TSX:MUX, NYSE:MUX), who is well known for his US$5,000 call, and John Kaiser of Kaiser Research who thinks the yellow metal could climb as high as US$1,600 to US$2,000 this year.
Hedge funds and money managers increased their net long positions in COMEX gold contracts in the week to March 27, US Commodity Futures Trading Commission data showed on Friday. Prices are forecast to average $1,345 an ounce, just 1 percent above last year's level.
The Perth Mint's sales of gold products rose about 13 per cent in March from a month earlier, while month-on-month silver sales fell for a second month in a row, the mint said in a blog post on its website on Tuesday.
Platinum was down 0.2 percent at $927.50 an ounce.
Palladium was up 0.2 percent at $953.55 an ounce after falling to $938.22 on Thursday, its lowest level since October 11.