Gold prices zoomed up by Rs 110 per ten grams to close at a 6-year high of Rs 5450 on the bullion market on Friday due to hectic stockistsÂ’ buying prompted by a steep rally in the international prices.
Traders said sustained buying by stockists to meet the festive and marriage season demand mainly helped gold prices to extend gains for the second session.
Silver also gained for the third-day and jumped by Rs 500 to Rs 43,000 per kg on increased offtake by industrial units and coin makers.
Nearly two-thirds of India's gold demand comes from rural areas where jewellery is a traditional store of wealth for millions who have no access to the formal banking system.
Jewelers also want import duty on gold to be reduced from the current 10 per cent to at least 5 per cent.
Gold is often favoured as a hedge against economic and financial uncertainty
US gold futures slid over 1 per cent on Thursday, while silver futures dropped 2 per cent.
Over 300 associations, that consists of over 3 lakh manufacturers, retailers, wholesalers and artisans among others, are participating the nationwide stir.
Sales of gold coins and bars should be curbed after reaching around 300 tonnes
His remark comes hours after the government disclosed before the Supreme Court eight more names, including that of Pradip Burman, one of Dabur India promoters, a bullion trader and a Goa miner against whom it has started prosecution for allegedly stashing black money in foreign banks.
Earlier, the RBI had imposed similar restrictions on commercial banks and NBFCs.
While auditors have come in for a lot of praise for their proactive stand against what they perceive to be dodgy practices followed by companies, there is still a long way to go, says Shyamal Majumdar.
The richest and poorest candidates who contested the Maharashtra assembly elections were defeated.
Import bill for September rises to $3.5-4 billion as traders and retailers stock up the precious metal.
Only three or four tonnes is estimated to have been mobilised under the scheme.
The government on Monday disclosed before the Supreme Court eight more names including that of Pradip Burman, one of Dabur India promoters, a bullion trader and Goa miners against whom it has started prosecution for allegedly stashing blackmoney in foreign banks.
A weak trend was noticed in Mumbai, as gold of 99.9 and 99.5 per cent purity slipped by Rs 60 each to Rs 30,540 and Rs 30,390 per ten gram respectively, while silver lost Rs 200 at Rs 45,600 per kg.
The government has asked jewellers to provide information on purchases of gold bars or jewellery worth more than Rs 500,000 by the end of this month, a move seen keeping a check on big transactions amid rising smuggling.
The spotlight is back on the hawala trade in diamonds.
Indian gold demand seen falling to 8-year low in festive quarter.
Silver, platinum and palladium all declined.
The decline is attributed to lower salary growth and a rise in households' financial liabilities.
Jewellers see flat gold sales this Dhanteras
Traders said sentiment turned distinctly weak after gold prices slumped in global markets as Swiss voters rejected a plan for their central bank to accumulate bullion and oil extended its decline to five-year low, curbing demand for the precious metal.
In the Mumbai domestic market, gold stood at Rs 30,000/10g, down 0.9 per cent, while silver fell 2.5 per cent to Rs 50,275 a kg.
In his capacity as an member of Parliament from South Mumbai, Minister of State for Telecom and Shipping Milind Deora today wrote to Prime Minister Manmohan Singh and sought his intervention to resolve the settlement crisis facing the National Spot Exchange Ltd.
Traders attributed the rise in prices to higher demand of precious metals for the coming festivals like Rakshabandhan compared with supply, which has tightened because of fall in imports following government measures.
Snapping its 3-day winning spree against the American currency, the rupee on Wednesday dropped by 21 paise to end at 66.64 on fag-end dollar demand from banks and importers despite a sharp rally in domestic equities.
India Ratings has in its latest report has maintained a bearish outlook for gold prices for the current financial year.
Gold is seen as a preferred asset for all types of investors, even central banks.
Price up on weak dollar and strong demand
Good monsoon, farm loan waiver -- the two key reasons behind more customers in jewellery shops
Consumer sentiment seen better than last year's
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Imports of gold virtually stopped since July 22 after confusion on the new import rules.
Passengers entering India will now have to declare Indian currency exceeding Rs 25,000 and LCD, LED or Plasma televisions.
Gold buyers in Asia were in no hurry, anticipating the market to weaken further, with premiums in India and Hong Kong picking up only modestly this week
Making a weak opening, shares of FTIL further tanked 45 per cent to Rs 105.5 -- its fresh 52-week low on the BSE.
'It is unlikely that foreign portfolio investors (FPIs) might increase their India allocation, given the overweight status for most FPIs.' 'Given the commentary from the Republican Party, an anti-imports approach means money will not flow out of the US.'
Steps such as safeguard duty in the works to plug the route
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