After a rally in gold that led to the international prices zooming to $1030 an ounce, will gold price reverse direction based on Wednesday's price level of $940?
Gold lost its sheen with prices falling by Rs 120 to Rs 28,300.
Select markets like the Bombay Stock Exchange and the National Stock Exchange, the Foreign Exchange and the Money Market will remain closed on Monday, April 14 on account of Ambedkar Jayanti.
Gold prices on Monday drifted by Rs 105 to trade at a three-week low of Rs 27,225 per ten grams.
Globally, gold rose 0.83 per cent to $1,290.90 an ounce and silver was up 0.79 per cent to, $17.92 an ounce in London in early trade on Tuesday.
Silver also eased by Rs 50 to Rs 38,800 per kg.
Gold prices on Monday recovered by Rs 25 to trade at Rs 27,475 per 10 grams at the bullion market on pick-up in demand from jewellers.
The Bill provides comprehensive legislation to prohibit unregulated deposits, with punishment for those promoting such schemes or defaulting on repayment.
Gold remained higher by adding another Rs 70 to Rs 27,550 per ten grams at the bullion market on Tuesday.
Silver also drifted by Rs 600 to Rs 39,100 per kg.
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In line with overall trends, silver ready traded lower by Rs 350 to Rs 36,950 per kg and weekly-based delivery by Rs 480 to Rs 36,945 per kg.
Traders said apart from subdued demand from jewellers and retailers, a weakening global trend on easing of tensions in Ukraine mainly kept pressure on gold prices.
Uncertainties like the bankruptcies bill, rising non-performing accounts at banks and political uncertainty are expected to drive gold demand higher in India.
Silver followed suit and lost Rs 350 at Rs 43,950 per kg on reduced offtake by industrial units and coin makers.
Gold prices fell further by Rs 75 to Rs 27,025 per ten gram at bullion market in New Delhi on subdued demand even as the metal strengthened overseas.
Gold bugs celebrated the immediate returns, and remain confident the returns will continue throughout 2008 - but some near-term volatility may be in the books.
Gold in Singapore, which normally sets price trend on the domestic front, traded a shade higher at $1,294.35 an ounce from $1,293.75 on August 1.
The interbank foreign exchange (forex), call money markets, cotton, metals, sugar and future trading in castor seeds will remained officially closed on Friday on the occasion of Ramnavami.\n\n\n\n
Silver also lost Rs 550 to Rs 36,350 per kg on poor offtake by industrial units and coin makers.
The interbank foreign exchange, call money as well as major essential commodities markets like sugar, edible oils, cotton, metals and bullion will remain officially closed on Wednesday on the occasion of Gudi Padwa.
Silver also rose further by Rs 100 to Rs 37,600 per kg.
All principal markets including the Bombay Stock Exchange, the National Stock Exchange, foreign exchange, money, oils & oilseeds, metals, copra and cotton remained closed on Wednesday on account of Eid-Ul-Fitr.
Gold in Singapore advanced as much as 1 per cent to $1,202.08 an ounce.
India's exports remained in the negative territory for the 11th month in a row.
Gold prices on Saturday rose further by Rs 40 to Rs 27,350 per ten grams at the bullion market in New Delhi on the back of rising demand from jewellers, driven by ongoing wedding season.
Many offer personalised ornaments with 3D printed images and engraved names to lure customers in a scenario of high gold prices.
Traders said besides low demand from jewellers and retailers, a weakening global trend -- amid the US employment data and strengthening dollar reducing appeal for the precious metals -- kept pressure on gold prices.
Gold recorded its biggest fall of Rs 1,110 to reach 12,000 per 10 gram in late trading in the bullion market in New Delhi on Thursday on nervous selling by stockists, sparked by weakening global trend. The metal plummeted in London to $905 from its peak of $1,033 on March 17.
Demand bounces back but uncertainty over GST rate for jewellery casts a shadow over future.
Traders said sentiment turned somewhat weak after gold fell in global markets ahead of US payrolls data that may show employers added more workers last month, boosting the case for an increase in borrowing costs in the largest economy.
Rising crude oil prices touching fresh record levels and plunging dollar boosted the gold prices on Thursday by Rs 220 to set a new peak at Rs 13,100 per 10 gram in the bullion market in New Delhi. Silver also traded at its ever highest level of Rs 25,000 per kg and its coins at Rs 27,000 per 100 pieces. Gold has climbed 19 per cent this year as the dollar fell and world equity markets headed for their worst start since 2001. The gold surge also influenced trading sentiments.
The government has retained 10% duty on import of the yellow metal.
Now, in many cases, they give no old jewellery but the bills they get show gold as provided by them, the jeweller's making charge and the GST on that.
Gold demand in Mumbai has declined by 50 per cent during the last three days to approximately 500 kg compared with one tonne during the normal season.
Following the declining dollar, investor nations are buying gold. There is a discernible return to Gold Standard in global trading from the current Dollar Standard.
Mehta's export company is the largest integrated gold player in the world.
The precious metal had gained Rs 435 in the previous three sessions.
Gold for August delivery jumped $8.70 to settle at $1,292.90 an ounce on the Comex division of the NYMEX late on Friday.
Gold plunged sharply to hit a three-month low.
The noble metal costs Rs at 26,755 per 10 gms.
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