India recorded its best-ever showing at the Badminton Asia U-17 & U-15 Championships as Shaina Manimuthu and Diksha Sudhakar clinched gold medals in their respective categories in Chengdu, China, on Sunday.
The government on Friday slashed the import tariff value of gold to $535 per 10 gram and reduced the rate for silver marginally to $1,003 per kg due to weakening global prices of precious metals.
'A price of $6,600/oz is now a reasonable target for gold.'
The tariff value, which is released every fortnight, is the base price on which the customs duty is determined to prevent under-invoicing.
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India's recurve and compound archers showcased their skills at the Asia Cup World Ranking Tournament Stage 1, securing top qualification spots in multiple events despite fielding a relatively inexperienced team.
Indian women wrestlers Hansika Lamba and Neha won bronze medals, while Meenakshi Goyat advanced to the final at the Senior Asian Wrestling Championships.
Selling pressure gathered momentum after gold in London fell for a fifth session as the dollar strengthened, curbing demand for the metal as an alternative investment. Marketmen said the metal lost its demand among retail customers and moved along with the global trend.
Silver has been quoting at a premium in India since mid-March because of huge scarcity.
Lovlina Borgohain and Sachin Siwach secured victories, leading a strong Indian contingent into the finals of the BOXAM Elite International Tournament. Twelve Indian boxers, including eight women and four men, will compete for gold.
Ugandan Harbert Kibet and Ethiopian Muktar Edris will headline the 18th edition of the TCS World 10K Bengaluru, a World Athletics Gold Label Race with a total prize purse of USD 210,000.
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Gold prices are expected to maintain their upward momentum though some consolidation could set in ahead of the US Federal Reserve's policy decision on September 17, analysts said. Traders will focus on the trade inflation data to gauge the impact of tariffs, inflation numbers from major economies including UK and Euro zone, along with monetary policy meetings of Bank of England and Bank of Japan which will provide more guidance for bullion prices, they added.
India's merchandise trade deficit widened to a record $41.68 billion in October, as gold imports trebled and outbound shipments registered their sharpest contraction in 14 months, according to data released by the commerce department.
India is set to host the World Para Athletics Grand Prix, featuring athletes from eight nations competing in various track and field events. The event provides a crucial platform for both established and emerging para-athletes.
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Weak stock markets, lingering worries over US recession and their aftermaths over other emerging markets, weak dollar and concerns over credit markets compelled stockists and even retail investors to invest in these anti-inflatary metals to play safe in the current uncertain conditions, traders said.
Indian boxers are set to compete at the Asian Championships in Ulaanbaatar, Mongolia, aiming for medals and direct qualification for major multi-sport events later in the year.
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.
Botswana created history by becoming the first African nation to win the men's 4x400 metres relay World title.
Melissa Jefferson-Wooden became only the second woman to sweep all three sprint titles at one World Athletics Championships.
While gold plunged by Rs 505 to Rs 30,380 per ten grams, silver fell by Rs 280 to Rs 49,300 per kg.
Silver ready declined Rs 160 to Rs 37,240 per kg.
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Gold in New York, which normally sets price trend on the domestic front, fell 1.2 per cent to USD 1,207.70 an ounce silver by 2.9 per cent to USD 16.56 an ounce in yesterday's trade.
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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.
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Traders said heavy selling by stockists, triggered by a weak global trend, led to the fall in prices of gold and silver.
Industry representatives say the government may be tempted to raise the duty on gold and silver by Rs 100 per 10 gram and Rs 500 per kg, respectively, to earn extra revenue at a time the economy is facing several challenges.
Keely Hodgkinson broke the women's world indoor 800 metres record at the World Athletics Indoor Tour Gold meeting in Lievin, France.
Gold in Singapore, which normally determines price trend on the domestic front, lost 0.90 per cent to $1,132.16 an ounce, the lowest since April 2010 and silver dropped by 2.3 per cent to $15.06 an ounce, the lowest since February 2010.
Mayank Chakraborty, a 17-year-old from Assam, has become India's 94th Grandmaster in chess.
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India's Ayush Shetty secured a spot in the Badminton Asia Championships final after defeating top seed Kunlavut Vitidsarn in a thrilling three-game match.
Traders said profit selling by stockists emerged after a rally in the previous session mainly pulled down gold and silver prices.
Two Delhi Police personnel have been suspended and arrested for allegedly robbing a businessman from Uttar Pradesh of Rs 8.4 lakh near Ajmal Khan Park in central Delhi.
Silver also rebounded by Rs 570 to Rs 38,100 per kg on increased offtake.
Gold prices skyrocketed by Rs 9,700 to scale a fresh peak of Rs 130,300 per 10 grams in the national capital on Monday, lifted by safe-haven buying in the overseas markets and depreciation in the rupee.
