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.
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 customs duty from gold imports could be approximately Rs 8,000 crore, about less than half of what was collected a year ago.
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.
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.
A drop in demand from local jewellers and retailers at current levels weighed on the prices
Jewellers in Ahmedabad were baton-charged when they tried to block traffic on busy Sarkhej-Gandhinagar highway.
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.
Silver also fell further by Rs 150 to Rs 34,200 per kg.
Gold climbed for a sixth straight session by adding Rs 20 to hit an all-time high of Rs 30,570 per 10 grams.
Barring bullion, all other commodity markets, stock markets, forex and money markets to remain closed on Tuesday on account of Ram Navmi.
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.
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.
Rate in the global markets us normally sets price trend on the domestic front.
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.
Change in strategy to reduce cost, as prices and cost of funds increase, with lease charges being much cheaper than purchase
The Reserve Bank of India (RBI) is likely to clamp down on gold coin sales by banks, amid rising bullion imports adding pressure to the current account deficit and weakening the rupee.
Gold, which has been on a record setting spree for the past three weeks, rose by Rs 50 to Rs 32,500 per 10 grams.
Gold, which has been on a record setting spree for the past three weeks, rose by Rs 50 to Rs 32,500 per 10 grams.
Selling gathered momentum as gold dropped in global markets before a report that may show US employers added more jobs last month, reducing the appeal of bullion as a haven, traders said.
Pure gold of 99.9 per cent purity gained by Rs 120 per 10 gm to close at Rs 30,470 from Rs 30,350.
On the other hand, silver rose on good speculative as well as industrial demand.
Gold on Thursday slipped from record highs by losing Rs 200 to Rs 30,200 per 10 grams in the national capital due to meagre demand for the precious metal at prevailing high levels.
Gold prices dropped at the bullion market on Thursday on selling by stockists and traders following mute demand due to prevailing high prices and lower global cues.
In London, gold prices eased today, as the euro ran into profit-taking and stock markets dipped.
Gold retains gains, gain nearly 3 per cent in the past three sessions.
Globally, gold rose 0.16 per cent to $1,279.70 an ounce in London.
Traders said reduced offtake by retail customers on sluggish demand at prevailing higher levels kept pressure on gold prices, while silver rose on fresh buying by industrial units and coin makers amid a firming global trend.
Gold prices on Friday tumbled by Rs 360 to Rs Rs 30,060 per 10 grams in the bullion market on Friday, while silver shed Rs 550 on sluggish demand amid weak global cues.
Spot gold dropped at $ 1,081.85 an ounce in early European trade and silver dipped $ 14.64 an ounce.
Gold bullion purchases across Asia slowed this week as a long rally in prices discouraged buyers.
Tax collection at source on purchase, in cash, of bullion or jewellery in excess of Rs 2 lakh is one step announced.
Globally, gold lost 0.8 per cent to $1,154.60 an ounce.
Gold prices retreated sharply from its overnight new record high at the domestic bullion market on the back of heavy unwinding by stockists and traders, triggered by sharp fall in international markets.
Media, brokers and bullion traders have been predicting various numbers which gold will touch subsequently.
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