The month of March could be worst in many years, with imports estimated only around 18 tonnes amid the coronavirus pandemic and the nationwide lockdown, said an industry player. The import in March 2019 was 72.5 tonnes, according to the GFMS data.

Nilesh Veera, director of APMC said, complained that availability of workers is a big problem. They have asked the government to provide enough sanitizers, masks, etc, for worker safety, to call them back. There has been no reply.

Gold price in Mumbai's physical market on Friday fell 31.1 per cent or Rs 1,351 to close at Rs 41,848 per 10 gramme. Friday's fall in per cent terms is worst after November 2015 and, in absolute terms, the worst after August 2013. Silver prices fell Rs 2,255 to close 5 per cent lower at Rs 43,085 per kg on Friday.

The RBI is still a small player in international gold buying among central banks. But in terms of total gold bought in 2019, it is the sixth largest buyer with 25.2 tonnes purchases in the first 10 months of 2019.

A WGC survey says that there is no dearth of gold demand, but there is lack of trust among prospective gold buyers, not only in India but globally.

'India can afford more debt at this juncture.' 'India's fiscal deficit is still manageable.'

The worsening demand for jewellery has already started impacting jobs and karigars or goldsmiths.

The industry alleges the government has been apathetic, despite their pleas for quick action. However, H2 may be different as The US-China trade war had opened a window for Indian exporters to ship more to America.

As gold prices turn prohibitive, traders fear a drop of as much as 50% in sales over the previous season.

This is good news for the central government at a time when crude oil prices are rising.

The global high comes amidst the uncertainties of Brexit, a trade war and slowing growth, with traders increasing their silver bets.

The rising price of the precious metal has helped the central bank increase overall forex reserves despite currency reserves not rising, and sometimes even falling.

Smuggled gold, which is selling sharply lower than the spot market price, is also responsible for discounts not ending. Some consumers are selling high amounts of gold.

Official sources say that the finance ministry is aware of the possible spike in smuggling activity and has already asked intelligence agencies to tighten their vigilance and come down on the unofficial entry of gold into India.

Standard Chartered Bank is setting up an international banking unit primarily to look after Indian company requirements. The bank is looking for a $2-billion loan book in the first five years of business.

A substantial fluctuation is likely because for a long period gold has moved in a narrow range of $ 50-60 and at higher levels short positions were built.

If hallmarking data are anything to go by, the proportion of spurious jewellery in the country might have shrunk significantly in the past five years.

First, the industry is hoping for brisk business, as, according to projections there will be normal monsoon. Secondly, it is relieved at the fall in import of cheap umbrellas from China which had dented the domestic market for several years.

The fear of price rise gained momentum after reports surfaced that the NAFED procured 50,000 tonnes of onion this season.

NITI Aayog has been working on an action plan to relieve rural distress and energise the agricultural sector

Fund houses have been barred from being net sellers or holding net short positions at the scheme level in commodities.

State's move is seen as a pilot for a national rollout of online land title records. Maharashtra plans to start the system in Mumbai.

What do the fluctuating gold-silver price ratio portend?

While NSE is exploring 8-10 new agri-commodities, BSE is eyeing as many as 15, most of which aren't traded on any other online derivative exchange in India.

Digital gold is gold purchased online from various platforms including Paytm or Google Pay and stored in your online account.

A strengthening rupee following a sharp surge in the inflow of foreign money from investors and "illegal imports" were among some of the reasons for the fall.

Indian central bank may soon edge out its counterpart in the Netherlands from the top-10 list, as latter's holding has largely remained unchanged.

Reversal is because of strengthening rupee, subdued demand, and lack of reasons for bulls to continue positions and speculation of reduction in import duty.

Shanghai Gold Exchange plans to open a centre at GIFT City, in partnership with BSE or NSE

Sebi's main contention against brokers is that the NSEL was offering paired contracts and they were forward contracts, which were "illegal".

Round-tipping creates the opportunity for exporters to source funds at a much cheaper cost, which they divert to some other business.

All stakeholders in the diamond industry chain from mines to retailers have to follow a system of warranty under which they have to individually declare in the invoices they issue that what they have sold are not conflict diamonds.

The bullish outlook for gold is seen as a trigger for silver to perform better going ahead.

Sebi filed a criminal complaint against the brokers with the economic offences wing, which on Friday registered a case under the Forward Contract Regulation Act 1952.

'Expenditure on gold jewellery in Kerala is the highest in the country.' 'But the robust demand has been affected by the floods.'

Since trading in virtual currencies is not illegal, they traded in cash or through barter in some instances.

In April and May, there were additions by RBI of 600 kg and 900 kg. RBI's total gold holding is now 561.9 tonnes.

If more commodities which have seen a sharp rise in MSP are to be procured, such as pulses, oilseed and cereals, there could be a storage problem. Also, if state-owned Cotton Corporation of India joins in, this problem will aggravate.

Petrol and diesel are among the 90-plus commodities that have been approved by the government for derivatives trading

India's gold holding in forex reserves rose to 560.3 tonnes by the end of March 2018.