Traders said fall in demand due to ongoing 'Sharads', an inauspicious fortnight in Hindu mythology for making fresh purchases mainly pulled down the precious metals.
Silver also eased by Rs 50 to Rs 38,800 per kg.
Gold exchange traded funds (ETFs) witnessed a net outflow of Rs 248 crore in February, making it the second consecutive month of withdrawals as investors preferred equities over other segments on record SIP flows. Net outflows from the gold ETFs were at Rs 452 crore in the month of January. Prior to that, the asset class had seen a net investment of Rs 313 crore, according to the data of Association of Mutual Funds in India (Amfi). Despite the outflows, the category witnessed an increase in net assets under management (AUM) of gold ETFs to Rs 18,727 crore at the end of February from Rs 17,839 crore in January-end.
The searches since December 22, which resulted in Jain's arrest, also included searches at the trader's residential/factory premises in Kannauj, wherein about Rs 17 crore in cash, 23 kg of gold and 600 kg sandalwood oil having a market value of about Rs 6 crore have been recovered, the ministry said in a release.
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.
Traders said sentiment bolstered after gold jumped to a one-month high in overseas markets as expectations the US Federal Reserve will sustain stimulus hurt the dollar, and raised demand for precious metals as an alternate investment.
Traders said fresh buying by stockists for the ongoing marriage season mainly led to a recovery in gold and silver prices.
Traders said sustained buying by stockists and jewellery fabricators for the ongoing marriage season mainly led to an upward trend in gold prices.
For a village in Azamgarh, Mubarakpur is an aberration. Its streets are clean, roads well-paved, and no open sewage drains are visible anywhere. Although a few houses look derelict, most bear signs of relative affluence, some even opulence. But that is not attributable to the village's marquee industry - silk saree weaving, which is sold as the "Banarasi silk saree" across India. Rather, it's because of the exodus of its residents and those of neighbouring villages to Saudi Arabia and the money repatriated back home.
Traders said emergence of buying at prevailing lower levels by jewellers and retailers mainly supported the upside in prices of precious metals.
Globally, gold prices slipped by 0.26 per cent to $1,246.20 an ounce in early trade in London.
Silver also plunged by Rs 1,300 to Rs 46,000 per kg on poor offtake by jewellery fabricators and industrial units.
Gold in New York, which normally sets price trend on the domestic front, rose marginally by 0.02 per cent to $1,255.80 an ounce and silver by 0.18 per cent to $19.06 an ounce in Tuesday's trade.
Traders said besides sluggish demand at prevailing higher levels, a weak global trend mainly led to fall in gold and silver prices.
However, silver held steady at Rs 42,600 per kg on scattered enquiries from industrial units.
Richest Indian Gautam Adani's ports-to-power-to-cement conglomerate is "deeply overleveraged" with the group predominantly using debt to invest aggressively across existing as well as new businesses, CreditSights, a Fitch Group unit, said on Tuesday. In a report titled 'Adani Group: Deeply Overleveraged', CreditSights said, "In the worst-case scenario, overly ambitious debt-funded growth plans could eventually spiral into a massive debt trap, and possibly culminate into a distressed situation or default of one or more group companies." Starting out as a commodities trader in the late 1980s, the Adani group has diversified from mines, ports and power plants into airports, data centers and defence.
Five years after demonetisation, which sought to curb black money and reduce cash circulation in the economy, 70 per cent of respondents said they paid a large component of the total payment towards a real estate transaction in cash. About 16 per cent said they paid over half the amount in cash, observes Shyamal Majumdar.
On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 30 each to Rs 28,445 and Rs 28,245 per 10 grams, respectively after gaining Rs 655 in last three days. Sovereigns, however, remained stable at Rs 24,400 per piece of eight grams in restricted buying activity.
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.
Traders said increased buying by stockists and retailers mainly kept gold prices remain higher for the third day.
Traders said scattered buying by retailers amid a firm global trend, where gold climbed to six-month high, and escalating tension in Ukraine mainly boosted demand for the precious metals as a safe haven.
Since he lives locally, Harish Patel is one of the luckier migrant workers in Surat - in that his employer was able to squeeze in a single shift for him at the weaving unit in Kamrej in Gujarat - unlike others who went home for Holi and other festivals just as the second wave of the Covid-19 pandemic was waxing and ended up stranded in local lockdowns.
Gold prices maintained an upward march for the third consecutive day by rising Rs 290 to Rs 30,490 per ten grams in the national capital on sustained buying by stockists amid a firm global trend.
Traders said sluggish demand due to ongoing 'Sharads', an inauspicious fortnight in Hindu mythology to make fresh purchases, mainly kept the precious metals lower.
These events have to adhere to COVID-19 guidelines, and organisers will be required to inform the local authorities about these, the official said.
The rupee had closed with a gain of 12 paise on Friday.
Setting the mood for the assembly elections in Karnataka due next year, former Congress President Rahul Gandhi on Friday exhorted party leaders in the state to work together, as he set an ambitious target to win a minimum of 150 seats.
Traders said stockists selling against sluggish demand at higher levels mainly led to fall in gold and silver prices.
Globally, gold in New York, which normally determines price trend on the domestic front, fell 1.18 per cent to $1,198.50 an ounce in Tuesday's trade as strengthening dollar curbed demand for the precious metal.
Traders said sentiment remained bullish as stockists increased their positions to meet the seasonal demand.
Silver, however, fell for the third straight session by losing Rs 200 to Rs 43,800 per kg on lack of buying support from coin makers and industrial units.
Traders said sluggish demand at prevailing higher levels and investors shifting their funds to surging equities mainly kept pressure on gold and silver prices.
Traders said increased buying of gold by stockists and jewellers to meet the rising festive and marriage season demand, amid firming global trend, influenced the sentiment.
Weak global trend, where gold declined nearly to its lowest level in three months, further dampened the sentiment, they added.
Traders said sustained buying by stockists to meet the rising demand for the 'Navratras,' an auspicious week in Hindu mythology for making fresh purchases mainly pushed up the prices of the precious metals.
While gold fell by Rs 250 to Rs 30,250 per ten grams, silver lost Rs 475 to Rs 49,025 per kg on reduced offtake by jewellers and industrial units.
Days after two of the Reliance's ready-to-be launched stores were damaged by diverse political groups, one of the outlets at the Uttarpara area of the Hooghly district was covered with Trinamool flags and posters, with no signs of police protection.
Traders said sustained selling by stockists on the back of sluggish demand mainly kept pressure on both gold and silver prices for the second straight day.
Traders said low-level buying by stockists and shifting of funds from weakening equity to rising bullion mainly boosted the sentiment.
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