Extending gains for the third day, gold prices rose by Rs 300 to Rs 30,700 per ten gram in the national capital today on sustained buying by stockists for the ongoing marriage season amid a firming global trend.
In Asia, the metal tumbled about $124, followed by over $100 in the previous session.
As gold prices turn prohibitive, traders fear a drop of as much as 50% in sales over the previous season.
The price of gold has risen 10.63 per cent this year -- from $1,205.65 an ounce at the beginning of the year to $1,333.9 on Monday.
The industry body has issued two advisories in an attempt to restore jewellers credibility in the wake of the Rs 12,000-crore PNB-Nirav Modi scam, and recent defaults by two domestic jewellers - Goodwin and Rasiklal.
Global gold demand hit an 11-year low in 2020 at 3,759.6 tonnes, mainly due to a weak October-December quarter and the COVID-19 related disruptions across the world driving a muted consumer sentiment throughout the year, the World Gold Council (WGC) said in a report. The overall consumer demand during 2019 was at 4,386.4 tonnes, while in 2009 the overall demand was at 3,385.8 tonnes, according the WGC's 2020 Gold Demand Trends report. Global gold demand dropped by 28 per cent year-on-year (YoY) to 783.4 tonnes in the fourth quarter compared to 1,082.9 tonnes during the October-December period of 2019, the report stated.
Gold prices spurted to set a new closing peak at Rs 9,200 per 10 gram on the bullion market on Tuesday on aggressive buying by stockists and jewellery fabricators triggered by surging overseas trend.
Gold prices surged to set a new peak at Rs 8,890 per ten gram on the bullion market on Thursday on aggressive buying by stockists to meet the current marriage season demand.
The actor unveiled a new bridal collection for Archana Kochhar.
Gold is the second-biggest item on India's import bill after oil and, facing a record trade deficit and a plunging currency this year, the government imposed stringent rules with the aim of curbing demand for the metal.
Finance Minister Arun Jaitley's decision to cut arbitrage may ensure that the standards of purity of the refined gold in the Indian market meet the global benchmark
Pradip Burman belongs to one of India's most illustrious business families, one which runs the noted Dabur brand of mostly Ayurveda-based FMCG products.
Gold prices surged Rs 175 to a record high of Rs 8,150 per ten gram on the bullion market on Monday on sustained buying by stockists induced by a unprecedented rise in its prices in overseas markets.
Subdued volumes notwithstanding, the bullion market displayed a firm trend as both the precious metals, silver and gold, zoomed to new heights on stockists and speculators buying.
The government is worried the trade gap could worsen again and the currency could weaken as the US Federal Reserve looks set to start tapering its economic stimulus soon.
Gold import was 1,015 tonnes in 2012-13 and nearly 70 per cent of this was by this method.
The global high comes amidst the uncertainties of Brexit, a trade war and slowing growth, with traders increasing their silver bets.
Delhi and Maharashtra may lower value added tax on bullion to 0.25 per cent as consensus on introducing uniform floor rate for precious metals seemed difficult to emerge at the empowered committee's meeting on Wednesday
Prices have remained lower this year.
Gold prices regained Rs 32,000 per ten gram level after nine months in the national capital on Tuesday on increased stockists buying as rupee plunged to historic low of 66-level.
The home-grown retail player will strengthen its Reliance Market chain to take its turnover to Rs 50,000 crore (Rs 500 billion) in two-three years.
What was recovered from Bhajiawala family: Rs 1.45 crore cash, of which about Rs 1.05 crore was in new currency notes, bullion worth Rs 1.49 crore, gold jewellery valued at Rs 4.92 crore, other ornaments worth Rs 1.39 crore and silver ingots priced at Rs 1.28 crore.
Gold prices plunged and closed with a hefty loss of Rs 90 at Rs 6570 per ten gram in the bullion market in New Delhi on Friday on reduced off take by stockists and bullion merchants with surging equity markets becoming more attractive for investment.
The best way to curb gold demand is by reducing black money in circulation.
Current account deficit could ease to around 3 per cent in the current fiscal year from prior estimates of about 4 per cent due to sharp drop in global commodity prices.
This is good news for the central government at a time when crude oil prices are rising.
Twenty years after the 1993 blasts, Maximum City is still struggling with its security cover, says Ranjita Ganesan
Gold rallied to scale two-month peak at the domestic bullion market on Thursday on frantic buying in the backdrop of the government's decision to raise import duty on the metal.
The technology-driven futures trading in gold and silver would fulfill its objectives only if poor farmers and small goldsmiths benefit from it, Sharad Yadav, minister for consumer affairs, food and public distribution, said in New Delhi on Friday.
The assessee will also have to declare whether such items and their value were disclosed at the time of filing wealth tax returns earlier.
Spot gold rose $8.32 an ounce to $1,474.56 by 0624 GMT, well below a lifetime high around $1,920 an ounce hit in September 2011.
Gold import in the December quarter is estimated to come down.
The biggest-ever seizure of cash in new currency grew to over Rs 5 crore on Friday even as the Income Tax department said it detected unaccounted income worth Rs 152 crore after it conducted searches in a dozen premises in Bengaluru and other locations.
Traders said sustained buying by stockists and investors shifting their funds from melting stocks to bullion mainly kept gold prices firm for the fourth-day.
Jewellery showrooms in Tamil Nadu and Andhra Pradesh were also opened.
Demand for investment instruments is expected to be more than jewellery.
NSEL, has up to Rs 500 crore (Rs 5 billion) daily turnover in e-golds.
Total export of gold, silver and coins in the month of June 2014 stood at 3.9 billion Swiss franc
Gold prices in India soared to record highs on Thursday, prompting many people in the world's largest bullion consumer to sell old stock, traders said.
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