The Bill provides comprehensive legislation to prohibit unregulated deposits, with punishment for those promoting such schemes or defaulting on repayment.
India's exports remained in the negative territory for the 11th month in a row.
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.
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.
Gold pries surged to a record high at Rs 11,840 per 10 gram on Monday owing to brisk buying by major market players, who were enthused by firming global trend, and some investors' shifting focus from melting stock markets to the bullion mart. The market remained in bullish mood with gold remaining on record-setting spree as investors shifted a part of their funds from weakening stock markets to gold as the metal offers a safe haven for investments, traders said.
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.
The government has retained 10% duty on import of the yellow metal.
Mehta's export company is the largest integrated gold player in the world.
Uncertainties like the bankruptcies bill, rising non-performing accounts at banks and political uncertainty are expected to drive gold demand higher in India.
Selling pressure gathered momentum after gold in London fell for a fifth session as the dollar strengthened, curbing demand for the metal as an alternative investment. Marketmen said the metal lost its demand among retail customers and moved along with the global trend.
The noble metal costs Rs at 26,755 per 10 gms.
The precious metal had gained Rs 435 in the previous three sessions.
The RBI banned imports on a consignment basis, making it difficult for jewellers to source raw material.
Kotak Mahindra Bank aims to sell 100 kg of gold through its retail business before Diwali. \n\n
Gold prices recovered by Rs 40 to Rs 26,800 per ten gram at the bullion market in in New Delhi on Tuesday on scattered buying by jewellers and retailers to meet ongoing wedding season demand and a firming global trend.
Gold plunged sharply to hit a three-month low.
Demand bounces back but uncertainty over GST rate for jewellery casts a shadow over future.
The Forbes' annual ranking of fiction's very wealthiest.
Silver coins continued to be sought after at the last level of Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.
15% of India's gold this year is likely to be smuggled in or arrive via other unofficial channels to beat a 10% levy imposed by the government
The State Bank of India said on Monday it would launch a gold exchange traded fund in 2008. "We are examining this product in our mutual fund company and we are hopeful we should be able to come out with an ETF next year," O P Bhatt, SBI chairman said at a conference in Mumbai.
Silver also dropped by Rs 400 to Rs 35,650 per kg.
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.
The spot gold price has gained 6 per cent this month after closing September in the high $730s. In just two months, gold has amassed 15 per cent in gains, up nearly 25 per cent so far this year. Analysts, however, say the market could be getting overheated and in need of a correction. Jon Nadler of Kitco.com agreed, telling traders to "stay on the alert for another arm-wrestling session between the profit-takers and the buyers out there."
Gold prices declined by Rs 50 to Rs 28,270 per ten grams in New Delhi on Monday on slackened demand from jewellers at prevailing levels amid a weak trend in global markets.
A downturn in Indian demand could hit global gold prices.
Many offer personalised ornaments with 3D printed images and engraved names to lure customers in a scenario of high gold prices.
Snapping its four-day losing streak, gold rebounded by Rs 100 to Rs 27,070 per ten grams at the bullion market on Wednesday.
In the national capital, gold of 99.9 and 99.5 per cent purity rebounded by Rs 320 each to Rs 31,820 and Rs 31,620 per ten grams, respectively.
Silver also slumped by Rs 1,700 to Rs 37,200 per kg.
Conversion into jewellery during redemption would entail 15-20% wastage and making charges, rendering the scheme inefficient
Bullion traders said sustained buying by jewellery fabricators and retailers to meet the festive season demand mainly kept precious metal prices higher.
Duty changes in the Budget make refining unviable.
Snapping its two-day losing streak, gold prices on Wednesday rebounded by Rs 120 to Rs 28,420 per ten grams at the bullion market in New Delhi on revival of buying by jewellers to meet ongoing wedding season demand even as metal retreated overseas.
Silver followed suit, which traded lower by Rs 260 to Rs 38,540 per kg.
'The government can increase import duty on gold by 1 per cent, instead of imposing excise duty.'
Gold in New York, which normally sets price trend on the domestic front, fell by 0.39 per cent to $1,280.80 an ounce.
Actress Rakhi Sawant, who has jumped into poll fray while claiming to be an "illiterate" person with assets of Rs 15 crore, has outstanding loans worth about Rs 2.5 crore and an additional Rs 72.5 lakh tax liability.
Gold prices plunged by Rs 220 to Rs 27,350 per ten grams at the bullion market in New Delhi on Thursday, snapping a four-day rising streak, owing to slackened demand at prevailing higher levels amid a weak global trend.
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