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.
The US is the largest consumer of gems and jewellery in the world contributing nearly 40 per cent of global production. If India can tap the opportunity, its overall exports to the US could jump by 10 per cent to $ 11 billion this year.
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.
Globally, gold rose 0.16 per cent to $1,279.70 an ounce in London.
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.
Gold retains gains, gain nearly 3 per cent in the past three sessions.
A WGC survey says that there is no dearth of gold demand, but there is lack of trust among prospective gold buyers, not only in India but globally.
In London, gold prices eased today, as the euro ran into profit-taking and stock markets dipped.
Spot gold dropped at $ 1,081.85 an ounce in early European trade and silver dipped $ 14.64 an ounce.
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.
Globally, gold lost 0.8 per cent to $1,154.60 an ounce.
Gold bullion purchases across Asia slowed this week as a long rally in prices discouraged buyers.
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.
Tax collection at source on purchase, in cash, of bullion or jewellery in excess of Rs 2 lakh is one step announced.
Traders attributed the sharp rise in silver prices to a firming trend overseas.
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.
Prime Minister Narendra Modi launched a scheme to tap a pool of over 20,000 tonnes of gold held by households and temples.
Media, brokers and bullion traders have been predicting various numbers which gold will touch subsequently.
Globally, gold traded a shade higher at $1,210.15 an ounce.
"We expected the demand to be very high as the shops were closed due to the strike. However, the footfalls were much fewer than our expectations," Kumar Jain of Umedmal Tilokchand Zaveri said.
Silver, however, held steady at Rs 37,100 per kg
Silver, however, lost Rs 300 to Rs 61,200 per kg on limited demand at prevailing higher levels.
It's day 14th of the jewellers and bullion traders' strike and there are no signs of roll back from the government. The industry is also determined, and has called for an indefinite strike.
Gold prices ruled steady at Rs 27,250 per 10 grams in restricted activity at the bullion market on Monday.
Traders said some demand for the festive season mainly supported the rise in prices of both the precious metals.
Among agriculture commodities, cash crops like cotton and castor are now emerging as asset classes.
While gold fell after three days of gains on sluggish demand at prevailing higher levels, silver remained flat on lack of buying by industrial units and coin makers, traders said.
While gold spurted by Rs 220 to Rs 30,520 per 10 grams, silver shot up by Rs 1,000 to Rs 54,000 per kg on increased offtake by jewellers and industrial units.
Gold prices breached the crucial Rs 25,000-level for the first time ever in history, tracking strong trends in global markets where financial uncertainty increased the metal's appeal as a safe investment haven.
Gold prices rose for the third straight day.
Zaveri Bazar alone clocks an estimated annual turnover of Rs 5 lakh crore (Rs 5 trillion), estimates the Bombay Bullion Association.
Earlier expectations of gold imports touching 1,000 tonnes in 2011 have been belied, with a steep fall in imports in recent months.
A woman Jet Airways employee was allegedly trying to smuggle out foreign currency worth over Rs 3 crore.
Globally, gold climbed 0.7 per cent to $1,161.85 an ounce in Singapore.
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