The rising trend in silver continued to remain unabated in the bullion market on Monday as the metal surged further to close at an all-time high of Rs 10,155 pre kg due to thin supply after a steep rally in the global prices.
Traders said stockists booking profits at prevailing higher levels following a rise of Rs 350 against sluggish demand mainly kept pressure on gold prices.
Surpassing earlier records, pure gold (99.9) purity strode to historic-highs of Rs 6,140 per ten grams at the bullion market on Saturday.
Gold was Rs 28,100 per 10 gm on July 26, 2014.
Indian gold imports, which fell last week as world prices rose, are likely to pick up as jewellers replenish stocks to meet local demand during the marriage season, traders said on Monday.
Rising trend in gold remained unabated on the bullion market on Thursday with the yellow metal rising sharply to end at another new record high of Rs 6610 per 10 gram due to poor supply after further sharp rise in the global prices.
Gold prices rose further to touch an all-time high during early trade on the bullion market in Mumbai on Tuesday, with standard gold being quoted at Rs 6,495 per ounce and pure gold at Rs 6,530.
Gold spurted further to maintain its shine on the bullion market, just ahead of Diwali, on sustained buying by retail customers and closed with another gain of Rs 75 at Rs 5800 per ten gram.
Silver advanced by Rs 150 to Rs 34,200 per kg on increased offtake.
Spot gold fell as far as $1,142.10 an ounce on Thursday, its lowest since November 2014.
Demand for gold in India, the world's biggest market, has risen sharply with the wedding season in full swing.\n\n\n\n
Gold plunged by Rs 130 per ten gram at the opening and touched a five-month low of Rs 5180 on the bullion market in Mumbai on Thursday due to heavy selling spree.\n\n\n\n
Traders said sustained buying by stockists and retailers amid a firm global trend where gold advanced as the drop to the lowest level in 34 months last week lured buyers mainly influenced the sentiment.
Silver prices bounced back by Rs 345 per kilo on the bullion market in Mumbai on Friday due to heavy buying after a smart rise in the global prices. Gold also recovered smartly on fresh bouts of stockists' buying.
Gold prices plummeted by Rs 170 per ten gram on the bullion market in Mumbai on Thursday and closed at a 6-month low of Rs 5,660.
Traders said weak demand at prevailing higher levels and retailers looking for more correction mainly kept pressure on gold and silver prices.
India, the world's largest gold consumer, is unlikely to announce a cut in customs duty on gold in its annual budget on Friday, despite demands by a leading industry body, traders said on Monday.
After losing Rs 730 in last six sessions after the Reserve Bank of India eased imports curbs by scrapping 80:20 scheme, gold staged a strong comeback by rising Rs 840 to close at Rs 27,040 per ten grams, a level last seen on October 30.
Silver followed suit and traded higher by Rs 200 at Rs 34,200/kg.
ICICI Bank Ltd said Reserve Bank of India authorized it in Feb 2002 to import gold/silver/platinum under Exim-Policy 1997 for sale in wholesale domestic market.
Gold prices hit a record high in India on Wednesday as global prices surged on war fears, bringing professional bullion trade in the country to a standstill and drawing queues of sellers at jewellery shops.
Traders said sustained offerings by stockists on the back of weak global trend, as investors weighed the outlook for the Fed's monetary policy after improving economic growth, mainly reduced demand for gold as an alternate investment.
However, silver snapped two-day rising trend and declined by Rs 215 to Rs 49,100 per kg on reduced offtake at prevailing higher levels.
Traders said besides sustained selling by stockists against subdued demand, strengthening rupee led to persistent fall in prices.
After gaining Rs 75 in the previous session, the precious metal advanced further, driven by a firming trend in overseas markets as US economic data signalled the Federal Reserve may continue its asset purchase program to support the recovery.
Silver also extended its losing streak for the seventh straight session and declined by Rs 350 to Rs 44,200 per kg.
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Gold in Singapore, which normally determines price trend on the domestic front, lost 0.90 per cent to $1,132.16 an ounce, the lowest since April 2010 and silver dropped by 2.3 per cent to $15.06 an ounce, the lowest since February 2010.
Last year, the e-filing commenced on July 1 as there was delay in finalisation of the ITR forms
Bullion traders said a weakening trend in global markets, as the dollar's strength eroded demand, mainly put pressure on the precious metal.
The rising trend in gold remained unabated on the bullion market in Mumbai on Monday with pure gold zooming up further to close at a new record high of Rs 6,235 per ten gram due to sharp rise in the global prices.
Gold plunged by Rs 120 to Rs 30,810 per ten gram, while silver lost Rs 280 to Rs 49,670 per kg on falling demand among industrial units and coin makers.
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Traders said buying activity continued for the third straight day for the ongoing 'Navratras,' an auspicous week in Hindu mythology for making new purchases and marriage season.
Traders said low-level buying by stockists and shifting of funds from weakening equity to rising bullion mainly boosted the sentiment.
Silver prices also jumped by Rs 500 to Rs 45,000 per kg on increased offtake by jewellery fabricators and industrial units.
A veteran bullion analyst expects monthly import to average 50 tonnes till December.
Gold prices rose by Rs 40 on the bullion market in Mumbai on Monday due to increased demand after a steep rise in the global prices.\n\n\n\n
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