Though retail demand was weak, jewellers were restocking for Pongal festival.
The RBI banned imports on a consignment basis, making it difficult for jewellers to source raw material.
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
Gold discounts in India, the world's second-biggest consumer, widened this week as dealers struggled to offload stocks amid sluggish demand.
The best way to curb gold demand is by reducing black money in circulation.
A downturn in Indian demand could hit global gold prices.
Based on the estimate, a courier bringing in 1 kg of gold currently worth around $40,000 at world prices could earn $470 if not caught.
As the dust finally settles on the outcome of the Lok Sabha elections 2019 and Bharatiya Janata Party along with its NDA allies emerges as the clear winner, here is a list of who won in each of the 7 phases of elections.
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