The industry is estimated to have incurred a loss of Rs 10,000 crore (Rs 100 billion).
Silver coins continued to be traded at last level of Rs 48,000.
Tinesh Bhasin explains the tax liabilities that accompany receiving a gift.
Globally, gold added 0.4 per cent to $1,228.65 an ounce in Singapore.
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.
Gold drifted lower by Rs 200 to trade at one-week low of Rs 31,050 per ten grams.
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.
Globally, gold fell nearly 3 per cent
From its March 2020 low, Bitcoin has gained a massive 474 per cent and has surged 214 per cent year-to-date.
A dedicated physical gold exchange could lead to standard gold pricing in India.
In the international market, gold dropped 0.3 per cent to $1,141.76 an ounce in Singapore today.
The precious metals had lost Rs 210 in the previous session.
A sharp fall in Sensex and rupee against dollar and strong global cues also contributed to the upsurge in gold price, which posted the biggest single-day gain after August 19, 2011. Interestingly, the metal had shot up by Rs 1,310 on August 19, 2011 as well.
silver coins held steady at Rs 52,000 for buying.
Most of the jewellers who had reopened their showrooms in confusion on Monday, kept shutters down today at Mumbai's Zaveri Bazar and several other places, demanding rollback of the proposal.
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.
Gold extended its slump for the second day and shed another ₹ 350 to hit a six-month low of ₹ 29,000 per 10 grams in the bullion market.
Gold prices have hit a record high of Rs 26,000 per 10 grams for the first time ever.
Gold prices fell by Rs 30 to Rs 27,160 per 10 grams at the bullion market on Saturday.
Gold prices plunged by Rs 200 to trade at Rs 27,000 per 10 grams at the bullion market on Thursday.
Silver also recovered by Rs 200 to Rs 37,000 per kg.
The surge comes at a time when Chinese investors look for insurance against rising inflation and currency appreciation, the Financial Times reported.
The ongoing wedding season could not boost the trading sentiment and low demand from jewellers and retailers was witnessed, traders said, adding that a weak global trend because of strengthening of dollar also reduced appeal for the bullion.
Silver gained Rs 350 to Rs 36,550 per kg on increased offtake.
Gold rebounds after 3-day fall on renewed demand, global cues.
'The more retail investors keep away from speculative activity, the more they will manage their risks better.'
Gold prices recovered by Rs 85 to Rs 26,625 per 10 grams at the bullion market.
The precious metal had gained Rs 325 in the previous two sessions.
Silver, however, found some buying support.
Silver was also up by 1.63 per cent to $15.92 an ounce.
Globally, gold fell by 0.94 per cent to $1,094.20.
Silver followed suit and advanced by Rs 50 to Rs 33,750 per kg.
The Bill to amend the Bureau of Indian Standards Act has been passed.
While players like Paytm, MobiKwik, and PhonePe allow you to buy gold for Rs 1, Amazon Pay has kept the minimum amount at Rs 5. Digital gold is essentially an avenue for investing in physical gold.
Most consumers are going for token buying of lesser value and are waiting for price correction for purchase of wedding jewellery.
Silver also eased by Rs 100 to Rs 39,400 per kg.
Silver coins also spurted by Rs 1,000 to Rs 56,000.
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