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Gold slumped by Rs 260 at the domestic bullion market on Thursday due to a fresh wave of profit taking by investors and traders amid reduced stockist demand.
Last year on Dhanteras, the precious metal stood at Rs 31,400 per 10 grams.
Gold continued its rising streak for the third day and rose by Rs 20 to Rs 27,860 per ten grams in New Delhi on Friday on festive season demand from jewellers and retailers amid a firming global trend.
Dealers with turnover of Rs 2 crore and above covered; industry says threshold too low
Gold prices plunged by Rs 410 to trade at over two-week low of Rs 27,790 per 10 grams at the bullion market on Monday.
A case was registered against Burman under the Income Tax Act for the offences relating to concealment of income and tax evasion.
Traders said buying activity emerged for the ongoing marriage season as the metal remained weak in the previous session.
Gold prices fell by Rs 100 to Rs 28,300 per 10 grams at the bullion market on Tuesday.
This will bring down capital gains especially in case of property transactions.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
Gold prices zoomed to set a new peak at Rs 9,950 per ten gram on the bullion market on Wednesday on hectic buying by stockists and jewellers, triggered by surging prices in the overseas markets.
Gold rose further on the bullion market in Mumbai due to increased buying by stockists after rise in the overseas prices. Silver also ended better in line with gold.
Both gold and silver made a smart comeback and recovered by Rs 55 per 10 gram and Rs 100 per kilo, respectively, on the Bullion market in Mumbai on Wednesday on revival of heavy stockists' buying boosted by rise in the global prices.
Gold and silver zoomed to end at new historic highs of Rs 9,500 and Rs 22,950 respectively on the Bullion market in Mumbai on Thursday
Gold prices zoomed to a new peak of Rs 8,905 per 10 grams in Kolkata on aggressive buying by stockists, sparked by reports that the metal touched 25-year high by crossing $600 level in overseas markets.
Traders said sustained buying by stockists in line with a firming global trend mainly boosted the sentiment.
Bullion merchants said sentiments in gold remained extremely weak after it plunged to two-month low in overseas markets as the outlook for higher US interest rates reduced the appeal of the metal as an alternative investment.
Silver also dropped Rs 560 to Rs 36,440 per kg.
Import by 4-star and 5-star export houses effectively barred from importing for domestic consumption.
Traders said sentiments in gold turned bearish after it plunged in overseas markets on speculation that US interest rates will increase next year, curbing demand for the metal as a store of value.
Gold in New York, which normally sets price trend on the domestic front, fell 1.2 per cent to USD 1,207.70 an ounce silver by 2.9 per cent to USD 16.56 an ounce in yesterday's trade.
Gold in global markets fell toward a one-week low as investors awaited the outcome of the US Federal Reserve's meeting and assessed the situation in Ukraine, which impacted the prices at domestic markets, traders said.
Gold prices crashed by another Rs 130 at Rs 7,335 per 10 gram on the bullion market today on sustained selling by stockists and speculators largely fueled by a weakening trend in Asian markets. \n
Gold prices continue to extend previous day's gains on the bullion market on Monday with most of the stockists purchasing triggered by a firm international trend.
The new form will be different from the detachable perforated strip which is a part of the immigration card at the moment.
The company and its sister concern, Forever Precious, owe close to Rs 5,500 crore.
Gold prices sky rocketed to set a new high of Rs 7635 per 10 gram on the bullion market on Friday on brisk buying by retail customers and stockists influenced by higher international trends.
Both gold and silver tumbled on the bullion market on Thursday on fresh selling by stockists and weak global trend, recording substantial losses.
Echoing international trends, both silver and gold came under selling pressure in Indian markets with the white metal dropping sharply by more than five per cent or Rs 2,000 to end the day at Rs 18,500 per kg.
Axis Bank dismisses 24 staffers, suspends 50 accounts after I-T raids
Precious metals closed at new historic highs at the Bullion market in Mumbai on Monday as silver zoomed by a whopping Rs 570 to end at Rs 19,890 and gold firmed up by Rs 30 to close at Rs 8,855.
Silver prices zoomed by Rs 360 per kilogram to hit a new high of Rs 18,445 at the opening session in the bullion market in Mumbai due to heavy stockists' buying followed by firm overseas advices.
Gold prices jumped by Rs 650, its biggest gain since June 20, to close at Rs 26,450 per 10 grams in New Delhi on Saturday on emergence of buying by jewellers and retailers amidst a rebound in global markets.
Gold prices touched a new peak of Rs 6,830 per ten gram on the bullion market today on brisk buying by stockists to meet the ongoing festival and marriage demand, discounting reports of a weak international trend.
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Traders said reduced offtake by retailers and jewellery fabricators at existing higher levels mainly kept pressure on the prices of both the precious metals.
The nationwide 3-day traders strike against value added tax being implemented by 21 states from April 1 evoked a mixed response on Wednesday with wholesale markets remaining closed in major cities but retailers carrying out business in many places.
The World Gold Council has suggested that banks be allowed to offer gold-backed saving products to channelise gold investments in the banking sector.
'Gold could return 10% to 12% in the next two-three years.'
Silver coins dropped by Rs 2,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
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