Irrespective of the global movement, gold prices in India are nearing the level of Rs 34,000 per 10 grams in the physical markets.
Gold, which lost its sheen to some extent in the second half of 2021, is likely to regain the glitter in the New Year and cross the Rs 55,000-per-10-grams level amid pandemic woes, inflation worries and stronger US dollar. After a stellar run up in 2020 when the yellow metal touched a record high of Rs 56,200 on the MCX in August, the prices are near Rs 48,000 per 10 grams now. This is roughly 14 per cent lower from the all-time highs and 4 per cent lesser compared to January 2021 levels.
Some jewellers kept their shops shut in Mumbai as well.
Gold and diamond retail chain Malabar Gold & Diamonds will be investing Rs 1,600 crore in FY22 to launch 56 stores globally with 40 across India and 16 internationally in FY22 to further boost its retail presence across the globe. The move is expected to generate over 1,700 jobs. In India, the expansion strategy is centred in states like Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Maharashtra, Delhi, West Bengal, Uttar Pradesh, Odisha and Kerala. Internationally, the expansion will be in markets such as Singapore, Malaysia, Oman, Qatar, Bahrain and UAE.
Dealers are selling gold at a discount of Rs 175 for 10 gm.
Silver coins, however, continued to trade in a narrow range.
Indian rupee is likely to test 76-76.50 levels as a relatively strong greenback, boiling crude prices and COVID headwinds deepen the depreciation bias for the domestic currency, according to experts. One of the significantly-hit Asian currency in recent months amid uncertain economic times, rupee is expected to see a consolidation in the vicinity of the current level before being pulled towards the depreciation bias. While the equity market has been surging with occasional blips, the rupee has mostly been weak against the US dollar in recent months.
Treat silver as part of the procyclical or growth assets in your portfolio, advises Sanjay Kumar Singh.
Discounts and incentives are attractions jewelleres are offering along with new designs to woo customers to boost sales ahead of Diwali.
In dollar terms, however, gold prices jumped by 26 per cent this calendar year, following sharp jump in hedge funds' long position
The scheme calls for banks, refineries and hallmarking centres to work together.
Senior citizens of 75 years and above having pension income and interest from fixed deposit in the same bank would not be required to file income tax returns for the financial year beginning April 1.
Payment in cash for buying goods and services worth more than Rs 2 lakh with the exception of jewellery will attract 1 per cent tax collected at source (TCS) from Wednesday.
Industry estimates over 30 tonnes of gold were sold on Akshaya Tritiya this time.
India is scrambling to crack down on a new gold smuggling tactic that it fears could accelerate a flood of illegal imports of the precious metal into the world's second-biggest buyer.
For easy and wide access, the government plans to market the bond through post offices and various brokers.
Gold spurted Rs 320 to trade at Rs 29,090 per 10 grams at the bullion market in Mumbai
Shanghai Gold Exchange plans to open a centre at GIFT City, in partnership with BSE or NSE
Gold deposited by households to gold savings accounts will be used for auctioning, replenishment of RBI's gold reserves.
The new bride looked lovely at a reception hosted by the Ambanis for the larger Reliance family.
Silver ready rose by Rs 350 to Rs 33,850 per kg.
India's gold demand recovered during the January-March period to witness a growth of 37 per cent at 140 tonne compared to the same quarter of 2020, due to ease of COVID-related restrictions, pent up demand and softening of prices of the yellow metal, according to the World Gold Council (WGC). The overall gold demand stood at 102 tonne during the first quarter of 2020, as per WGC data. Gold demand in value terms increased by 57 per cent during the first quarter of this calendar year to Rs 58,800 crore compared to Rs 37,580 crore in the corresponding period of 2020.
The revised estimated expenditure for FY20 has been pegged at Rs 26.99 lakh crore and receipts at Rs 19.32 lakh crore, she said.
They are now scaling or shutting down their businesses because they can't compete with untaxed grey market gold. India's gold smuggling has increased significantly since the import duty was increased in the Union Budget 2019 in contravention with the broader market expectations of a cut.
The biggest bullion-importing bank in India plans to team up with jewellers for the first time to offer a gold deposit scheme, hoping ease of access and attractive interest rates will tempt people to part with their jewellery and relieve tight supplies.
China, set to pass India this year as the world's top gold consumer, has imported nearly a fifth more bullion than data from its traditional conduit Hong Kong shows as it brings in the metal via other routes.
Silver met with resistance at prevailing levels.
At India's largest bullion dealer turnover has dropped to 20-30 kg a day from about 300 kg.
Gold and silver became costlier in the country following the international price rise over the expectations of negative interest rates in the US, the rising trade tensions between the US and China and the weakening of the rupee.
Bullion traders said subdued demand at current levels and a weak global trend mainly pulled down both gold and silver prices.
Silver also eased by Rs 160 to Rs 41,100 per kg.
Silver coins remained unaltered at Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.
The panel will look into issues related to compliance procedure.
Gold gained Rs 220 on Tuesday.
Arun Jaitley has rejected the demand for rolling back the levy.
Jewellers sold huge quantities of precious ornaments at a premium of up to 50%.
The government pushed import duty on gold jewellery up by half to 15 per cent, the finance ministry said on Tuesday, setting it higher than raw gold duty in a move aimed more at protecting the domestic jewellery industry than stemming bullion imports.
In Delhi, gold of 99.9 and 99.5 per cent purity zoomed up by Rs 650 each to Rs 27,470 and Rs 27,270 per 10 grams respectively.
Bullion traders attributed the fall in gold prices to a weakening global trend after the US added the largest number of jobs in almost three years, fuelling concerns that the Federal Reserve will move closer to raising interest rates.
Will help to reduce imports of the metal.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances