"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.
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.
Silver, however, lost Rs 300 to Rs 61,200 per kg on limited demand at prevailing higher levels.
Prime Minister Narendra Modi launched a scheme to tap a pool of over 20,000 tonnes of gold held by households and temples.
Traders attributed the sharp rise in silver prices to a firming trend overseas.
Among agriculture commodities, cash crops like cotton and castor are now emerging as asset classes.
Traders said some demand for the festive season mainly supported the rise in prices of both the precious metals.
Globally, gold traded a shade higher at $1,210.15 an ounce.
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.
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.
Gold prices ruled steady at Rs 27,250 per 10 grams in restricted activity at the bullion market on Monday.
Silver, however, held steady at Rs 37,100 per kg
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.
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.
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.
Gold prices rose for the third straight day.
Fallen Libyan dictator Muammar Gaddafi may have emptied the country's estimated gold reserves worth $10 billion and will use it to buy protection and wage a guerrilla war, the nation's former chief banker has said.
Globally, gold climbed 0.7 per cent to $1,161.85 an ounce in Singapore.
Gold surged Rs 400 to Rs 28,940 per 10 grams on Tuesday on brisk buying by stockists and jewelers for the ongoing marriage season amid a firming global trend.
Gold declined by Rs 190 to Rs 31,950 per 10 grams in the bullion market in New Delhi on Monday, while silver lost Rs 800 to Rs 60,400 per kg on subdued demand at higher levels.
The rupee has been witnessing an unprecedented plunge in its value as it dropped to an all-time intra-day low of 68.75.
Gold demand in India is expected to be robust in 2014, likely leading to a further jump in smuggling if curbs on bullion imports remain, the World Gold Council (WGC) said.
Silver also jumped by Rs 1,000 to Rs 57,000 per kg on strong global cues.
Spot gold was bid up at $1268.30 in early European trading and silver also moved up at $17.42 an ounce.
A woman Jet Airways employee was allegedly trying to smuggle out foreign currency worth over Rs 3 crore.
Prime Minister's Economic Advisory Council Chairman C Rangarajan dashes bullion firms' duty cut hopes.
Silver, however, recovered by Rs 250 to Rs 36,000 per kg.
Gold, silver shine in Diwali trade on jewellers buying
Gold climbed to an all-time high of Rs 28,150 per 10 grams in the national capital on Friday, posting its biggest-ever single day gain of Rs 1,310 amid frantic buying triggered by robust demand in global markets.
Silver settled at Rs 37,280 per kg after firming up by Rs 230.
Globally, in Singapore, gold traded a tad higher at USD 1,182.22 an ounce, from $1,182.01 on Thursday.
PAN may also be required for cash payment of Rs 100,000 or more as life insurance premium, amid concerns that insurgents may be parking funds in high-value insurance policies.
Gold prices fell back after a brief overnight rebound on the first trading day of 2015 at the domestic bullion market due to reduced stockists offtake as well as lack of local buying interest.
Globally, gold climbed $12.10, or 1 per cent, to $1,220.40 an ounce.
Gold prices on Wednesday jumped to all-time high of Rs 30,420 per 10 grams in the bullion market here on the back of soaring demand ahead of the wedding season amid firming trends in global markets.
With every year, Anil Kapoor looks younger, smarter, dapper.
Turnover stood at Rs. 73.50 lakh crore in the year-ago period, the commodity markets regulator FMC said.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances