Barring bullion, all other commodity markets as well as forex and money markets, the Bombay Stock Exchange and the National Stock Exchange remain closed on Tuesday on account of Mahavir Jayanti.
Festive demand for gold in India got off to a tepid start, with local prices still at a heavy discount to the global benchmark, a bad sign for a period when buying is typically strong.
Congress party chief Sonia Gandhi has written to the government, to ask for a cut in the record import duty on gold and for other restrictions to be eased.
In Jan the country raised the import tax on the yellow metal by 2 percentage points.
Global gold prices held below $1,200 an ounce this week.
The recent round of sell-off is losing momentum and buying is again picking up due to firm marriage season demand.
Indian gold prices have slipped below Rs 30,000 and still counting on the lower side.
With one of its members, Pradip Burman, being named as an account holder in a foreign bank in the black money issue, Dabur India promoter family, Burmans on Monday said the account complied with all legal requirements.
Standard gold of 99.5 per cent purity declined by Rs 220 to end at Rs 25,680 per 10 gm. Silver plunged below the Rs 46,000 per kg-mark.
Spot gold slipped 0.2 per cent to $1,579.06 an ounce.
As the shift from hand-crafted to machine-made ornaments did not serve the purpose, with neither the cost of machine-made jewellery declining nor jewellers finding innovative designs, the industry goes back to 'hand-crafted' ornaments for both domestic and overseas buyers, reports Dilip Kumar Jha.
Gold prices staged a smart rebound to surpass the psychologically important Rs 28,000 milestone.
In the search, Rs 60 crore were found in 20 accounts of as many shell companies, an official said, adding the I-T team was scanning the records to trace the directors of these companies.
Gold discounts in India, the world's second-biggest consumer, widened this week as dealers struggled to offload stocks amid sluggish demand.
The pros and cons of investing in gold coins and bars, jewellery, gold ETFs and gold mining stocks.
Gold imports are likely to fall below 50 tonnes this month due to sharp fall in exchange rate of rupee and high global prices of the precious metal, according to market experts.
The customs duty from gold imports could be approximately Rs 8,000 crore, about less than half of what was collected a year ago.
Silver, however, declined by Rs 220 to Rs 35,180 per kg.
A drop in demand from local jewellers and retailers at current levels weighed on the prices
Citizens are encouraged to deposit jewellery, bars or coins with banks so it can be refined to meet fresh demand and cut the need for imports
The demand is rising as price fall.
Traders in India, the world's largest gold consumer, were stocking up on the precious metal on Monday amid fears that a US-led war with Iraq was imminent and could push bullion prices higher, dealers said.\n\n\n\n
The central bank wants to bring 20,000 tonnes of gold held in households into the banking system.
With gold prices touching their all-time high on Wednesday, jewellery majors were taking measures to attract more consumers. These included more category launches, lower-weight jewellery and store expansion, among others.
The bank believes that that gold prices will recover this year and retain a pronounced bullish posture.
Cuts its 2013 price forecast to $1,760 an ounce from $1,850.
Spot silver rose 0.3 per cent to $15.35 an ounce.
Yadav said the nationwide strike has affected over 35 lakh (3.5 million) people.
Silver also fell further by Rs 150 to Rs 34,200 per kg.
Jewellers in Ahmedabad were baton-charged when they tried to block traffic on busy Sarkhej-Gandhinagar highway.
Gold prices zoomed to set another record level on the bullion market on Monday on brisk buying and gained another Rs 50 to touch Rs 6,020 per ten gram, triggered by heightened concerns over possible US attack on Iraq.
Gold climbed for a sixth straight session by adding Rs 20 to hit an all-time high of Rs 30,570 per 10 grams.
The Bombay Stock Exchange (BSE), the National Stock Exchange (NSE), Forex, Money, bullion, metals, oils and oilseeds, cotton, grains and solvent markets will remain closed on April 30 and May 1 for Lok Sabha elections and 'Maharashtra Day', respectively.
Rate in the global markets us normally sets price trend on the domestic front.
Barring bullion, all other commodity markets, stock markets, forex and money markets to remain closed on Tuesday on account of Ram Navmi.
To keep a strict vigil on cash and bullion movement in poll-bound Gujarat, the Income Tax department has deputed its teams in every district and airport in the state and have also flagged around one-third seats as 'expenditure sensitive', a top official said in Ahmedabad on Friday.
Ahead of the meeting of jewellers with Gandhi, the Congress had asked the government to look into the demands of jewellers, who have been agitating for more than 20 days.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances