The rupee had gained five paise to close at 63.25 against the dollar in on Monday's trade on fresh selling of the US currency by exporters amid bullish stocks.
Increased demand from oil importers for the American currency kept pressure on the rupee
Radhakishan Damani is the only billionaire to see his wealth grow by around 20% during the lockdown.
Traders said sustained offerings by stockists on the back of weak global trend, as investors weighed the outlook for the Fed's monetary policy after improving economic growth, mainly reduced demand for gold as an alternate investment.
Traders said besides sustained selling by stockists against subdued demand, strengthening rupee led to persistent fall in prices.
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.
The US currency's decline against major world currencies alongside fag-end dollar supply largely helped the rupee recoup some of its initial losses
After losing Rs 730 in last six sessions after the Reserve Bank of India eased imports curbs by scrapping 80:20 scheme, gold staged a strong comeback by rising Rs 840 to close at Rs 27,040 per ten grams, a level last seen on October 30.
Traders said profit selling by stockists emerged after a rally in the previous session mainly pulled down gold and silver prices.
Traders said reduced offtake by retailers and stockists at prevailing higher levels mainly kept pressure on gold and silver prices.
The dollar index was down 0.01 per cent at 95.86 against a basket of six currencies in early trade
'As an investor, I either have to exit my investments in the next three months or use dark pools or cash to transact. For a normal investor, it will be almost impossible to transact in bitcoin and other digital currencies.'
The US and European Union on Monday announced a round of sanctions against Russian officials.
Praising Prime Minister Narendra Modi for successfully carrying out the Yoga Day celebrations in Delhi, ally Shiv Sena today said 'commodifying' Yoga will not harm the ancient practice, instead it will increase tourism and generate employment.
India is the largest importer of gold after China.
In the concluding article of a six-part series, Business Standard visits Ludhiana, one of the largest industrial towns in Punjab, to assess the effect of demonetisation.
Gold plunged by Rs 120 to Rs 30,810 per ten gram, while silver lost Rs 280 to Rs 49,670 per kg on falling demand among industrial units and coin makers.
In Hong Kong market, the dollar fell against Japanese yen in early trade after the release of a set of stronger- than-expected economic data.
Silver followed suit and traded higher by Rs 200 at Rs 34,200/kg.
Bullion traders said a weakening trend in global markets, as the dollar's strength eroded demand, mainly put pressure on the precious metal.
Dealers attributed the rupee's fall to fresh demand for the US currency from importers
'Facebook and Google no longer need to have infantry regiments and cavalry like the East India Company because they are inside everyone's phones listening to our conversations.'
Traders said reduced offtake by stockists at prevailing higher levels and sluggish demand mainly kept pressure on both gold and silver prices.
Sentiment remained bearish as gold fell in global markets after the US and Russia agreed on a plan to destroy Syria's chemical weapons, diminishing demand for the precious metal, traders said.
The NYSE accounts for more than 60 percent of S&P 500 volume at the close of the market
Back-to-back droughts in India, the world's largest importer of edible oils and pulses, has boosted prices and made pulses attractive to Canadian farmers.
Gold prices jumped by Rs 470 to Rs 30,670 per ten gram in the national capital on Monday on brisk seasonal demand amid a firm global trend.
The Aam Aadmi Party government's first 100 days in power in Delhi have been a mixed bag
The goods and services tax will level the playing field for different sectors of industry, including domestic manufacturing.
Gold tumbled by Rs 310 to Rs 30,290 per ten grams in the national capital today on heavy sell-off by stockists and a weak global trend.
Gold prices extended losses for the fourth straight day by losing Rs 325 to Rs 31,100 per ten grams on stockists selling.
BJP ally says common man will respond appropriately if promises made are not fulfilled.
After three days of gains, gold prices on Tuesday fell by Rs 70 to Rs 30,500 per ten gram in the national capital on profit-selling by stockists at prevailing higher levels amid a weak global trend.
May be the strong United States growth will lead the world back to a period of growth and help us all put this painful recrimination behind us.
Fed rate hike 'makes sense,' says US reserve bank president.
The government has received flak for allegedly shielding the corrupt ministers and slow pace of investigation in irrigation scam.
Silver prices also jumped by Rs 500 to Rs 45,000 per kg on increased offtake by jewellery fabricators and industrial units.
At the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 20 each to Rs 30,180 and Rs 29,980 per ten grams, respectively.
The top losers from the Sensex pack are ONGC, Coal India, Vedanta, Reliance Inds and L&T.
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