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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.
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.
The World Gold Council has suggested that banks be allowed to offer gold-backed saving products to channelise gold investments in the banking sector.
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A crash-like condition developed in the bullion market on Thursday as gold prices suffered the third consecutive major loss on panic selling by stockists induced by a steep fall in overseas markets.
Shattering all the previous records, gold prices shot up further to end at yet another new historic high of Rs 7930 on the bullion market in Mumbai on Saturday
Gold prices spurted on the bullion market on Wednesday on sustained buying by stockists influenced by a firming trend in international markets and set a new high at Rs 7,750 per ten gram.
Gold prices zoomed to yet another high peak at Rs 7,710 per ten gram on the bullion market on Tuesday today on sustained heavy buying in line with firm international trends.
Silver prices zoomed to set an all-time high peak at Rs 12,750 per kilo on the bullion market on Saturday as stockists and jewellers bought silver, shifting from the yellow metal which touched a record high.
Silver coins dropped by Rs 2,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
Silver also jumped Rs 950 to Rs 44,750 per kg on increased offtake by jewellers and industrial units.
Gold prices jumped upwards to set another high of Rs 6720 per ten gram on the bullion market on Saturday on sustained buying to meet the marriage season demand.
Traders said subdued demand from jewellers and retailers at prevailing levels and a weak global trend led to fall in gold and silver prices.
Gold prices on Thursday scaled to Rs 6,800 per ten gram, a level never seen before in the history of bullion market in New Delhi, as stockists indulged in brisk buying triggered by a firm international trend.
The government should partner with commodity exchanges such as MCX.
By tying gold imports directly to export volumes, India is effectively trying to cap how much bullion can be brought into the country, tightening supplies and driving up local prices.
Gold plunged by Rs 155 per ten gram on the bullion market in Mumbai on Monday due to heavy selling by stockists after a steep fall in global prices.
Gold prices spurted on the bullion market on Wednesday on the emergence of buying by stockists triggered by a rising trend in international markets and closed with notable gains.
Gold prices crashed by Rs 115 per ten gram and silver plunged by Rs 375 per kilo in the bullion market in Mumbai on Tuesday due to heavy stockists' selling after steep fall in the international prices.
'Gold could return 10% to 12% in the next two-three years.'
The Congress, which described the note ban decision as the "biggest scam" and "the largest government-abetted money laundering scheme", has asked all its state units to organise protests, processions and marches to mark the day.
Silver dropped by Rs 175 to Rs 34,550 per kg.
The online gold futures trade on the National Multi Commodity Exchange of India will be launched by Union Minister for Consumer Affairs, Food and Public Distribution Sharad Yadav in New Delhi on Friday.
In line with overall trends, silver ready recovered by Rs 150 to Rs 36,800 per kg and weekly-based delivery by Rs 175 to Rs 36,800 per kg.
Globally, gold in New York, which normally determines price trend on the domestic front, fell 1.18 per cent to $1,198.50 an ounce in Tuesday's trade as strengthening dollar curbed demand for the precious metal.
Gold plunged by Rs 340 to Rs 30,660 per ten grams in the national capital on Friday on fall in demand amid a steep decline in the global markets.
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This year, India bought 27.7% of the gold exported by Switzerland; in Jan, this was only 15%.
Traders said heavy selling by stockists against fall in demand at prevailing higher levels mainly kept pressure on gold prices.
Continuing its losing streak for the third day, gold prices drifted by Rs 155 to settle at Rs 28,175 per ten gram in the national capital today on sustained selling by stockists, tracking a weakening global trend.
Rising bullion prices was no deterrent to the Indian gold jewellery segment in India as sales soared in the third quarter of the current fiscal (Q3).
Gold in Singapore, which normally sets price trend on the domestic front, fell from three-month high by declining 0.6 per cent to $1,312.48 an ounce.
Gold prices plunged by Rs 600 to Rs 26,500 per 10 grams in the national capital today after the precious metal slumped to the lowest level since 2010 in global markets as the strengthening dollar eroded demand for the commodity.
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