In July alone, 2.5 tonnes of gold coins were imported so far from South Korea under zero-duty facility
The coins can have the face and names of the owner embossed on them.
The decision was taken in view of significant rise in imports of gold in recent years putting pressure on current account deficit.
Indians are no more rushing to buy bullion after this week's sharp sell-off
Silver also recorded a significant rise of Rs 960 to Rs 39,250 per kg on increased offtake by industrial units and coin makers.
Traders said profit-selling by stockists at existing higher levels amid a weak global trend as deepening euro-zone debt crisis weakened euro against the dollar and shifted investors interest from bullion to forex and equities.
It can touch Rs 32,500 per 10 gram.
Of the 11,000 kg imported between July 1 and August 9, around 90 per cent was brought in by two business groups which took advantage of the favourable reduction in tax incidence under GST, routing their imports through Korea.
The days of spot prices of gold differing from one city to another will soon be over.
Silver traded higher by Rs 250 to Rs 34,400 per kg.
All wholesale commodity markets, including bullion and metals, will remain closed on Monday on account of 'Republic Day'.
Globally, gold added 0.4 per cent to $1,163.73 an ounce in Singapore.
The metal has gained Rs 860 in last six trading sessions.
Rajkot-based bullion trader Pankaj Lodhya, who has been named by the Centre in an affidavit filed before the Supreme Court in the black money case, on Monday denied having a foreign bank account and said he was shocked to find his name in the list.
Once the Finance Bill 2017 is passed, jewellery will be treated on par with general goods which attract 1 per cent TCS on cash purchase of above Rs 2 lakh.
Jewellers on Monday decided to continue their pan-India strike for an indefinite period against the Budget proposal.
The government will issue Sovereign Gold Bonds (SGBs) in six tranches beginning April 20, the Reserve Bank of India said on Monday. The bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram and the tenure of the SGB will be eight years with exit option after fifth year to be exercised on the interest payment dates.
Gold prices were ruling at Rs 26,385 per ten gram at the bullion market while silver was quoted at Rs 34,000 per kg.
Silver managed to recover some grounds.
Globally, gold climbed 1.85 per cent to $1,230.70 an ounce.
Traders said besides increased offtake by jewellers, both precious metals improved on some buying by investors who shifted their money from easing equities to the bullion.
Globally, gold lost 0.4 per cent to $1,274.19 an ounce in Singapore.
Silver also rose by Rs 100 to Rs 37,400 per kg.
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Spot gold was bid lower at $ 1,298 an ounce in early European trade.
Silver too advanced by Rs 100 to 38,700 per kg.
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Gold surged to a fresh all-time high of Rs 28,540 per 10 grams in the bullion market today on sustained buying by stockists and investment-driven purchases fuelled by the bullish trend in international markets.
The industry is estimated to have incurred a loss of Rs 10,000 crore (Rs 100 billion).
Gold prices on Thursday fell by Rs 180 to trade at Rs 26,870 per 10 grams at the bullion market.
Silver coins continued to be traded at last level of Rs 48,000.
Globally, gold added 0.4 per cent to $1,228.65 an ounce in Singapore.
Gold drifted lower by Rs 200 to trade at one-week low of Rs 31,050 per ten grams.
Silver eased by Rs 150 to Rs 37,100 per kg lacking necessary buying from industrial units.
Gold prices rose by Rs 100 to Rs 26,550 per 10 grams at the bullion market on Tuesday.
Silver rose by Rs 50 to Rs 36,050.
The precious metal has now lost Rs 280 in last three days.
Silver also surged by Rs 1,050 to Rs 35,500 per kg on increased offtake by industrial units and coin makers.
The studies found that sectors with the highest unaccounted income included real estate, mining, pharmaceuticals, pan masala, gutkka and tobacco, bullion and commodity markets, film industry, educational institutes and professionals.
Globally, gold fell nearly 3 per cent
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