Bullion merchants said sustained buying by stockists on the back of pick-up in seasonal demand and a firm global trend mainly led to the rise in gold and silver prices.
The second day of pre-Diwali Dhanteras witnessed a tepid response from shoppers on Friday as gold and silver sales have likely to be fallen by up to 35 per cent year-on-year due to high prices and COVID-19 induced financial distress, although consumers moved to online buying to make most of the festival, jewellers said. The buying was heavily restricted to light weight jewellery, coins and precious stones due to lower purchasing power and high gold rates, they said. Due to the fear of coronavirus infection, many customers who had booked in advance were taking delivery of wedding orders on Friday, while some were seen buying safely through online brands like Tanishq and Melorra.
Countrywide raids are being conducted in connection with a money laundering case linked to a fertiliser scam.
India imports a staggering 1,000 tonnes of gold every year, draining out foreign exchange and putting pressure on the fiscal deficit.
The new norms come into force with immediate effect.
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.
Bullion merchants said apart from subdued demand from jewellers and retailers despite ongoing festive season, a weakening global trend where gold eased to over one-week low as investors weighed the health of the global economy against tension between Ukraine and Russia, mainly weighed on precious metal prices.
Gold crossed the all-time high level of Rs 29,000 while silver coins touched the record Rs 68,000 mark in the bullion market here on strong demand propelled by ongoing marriage season and deepening financial worries.
The sleuths of the department seized over Rs 4 crore in new currency, mostly in denomination of Rs 2000, some notes of Rs 100, demonetized notes of Rs 500 and a few gold biscuits
The government and the central bank launched a series of measures this year to curb the country's appetite for gold as India battled a ballooning trade deficit and a weak currency.
Gold demand fell 15 percent in 2013 as huge outflows from physically backed investment funds outweighed record consumer demand, but that heavy disinvestment is tailing off this year, pointing to a recovery, the World Gold Council said.
Gold demand fell 15 percent in 2013 as huge outflows from physically backed investment funds outweighed record consumer demand, but that heavy disinvestment is tailing off this year, pointing to a recovery, the World Gold Council said.
While the gold policy covers every aspect, from sourcing gold to trading and investing in it, experts assert that the policy is incomplete if mining of gold in India isn't promoted.
Silver also rose sharply by Rs 640 to Rs 35,700 per kg.
Gold prices hit a two-year lows, the biggest one-day drop since 1983.
In Asia, the metal tumbled about $124, followed by over $100 in the previous session.
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.
Gold in Singapore, which mostly set the price trend on the domestic front, climbed 0.6 per cent to $1,303.63 an ounce and silver by 1.9 per cent to USD 18.33 an ounce, the highest since September.
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 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.
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.
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.
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.
The actor unveiled a new bridal collection for Archana Kochhar.
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
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
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.
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.
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.
As gold prices turn prohibitive, traders fear a drop of as much as 50% in sales over the previous season.
Prices have remained lower this year.
Such an economic environment tends to be positive for gold, the ultimate safe-haven asset. Since gold cannot be debased by central banks, it naturally gains in value.
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.
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.
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.
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