A special investigation team (SIT) has been formed to unravel the mystery surrounding the alleged theft of 240 British-era gold coins by four policemen in Madhya Pradesh's Alirajpur district, an official said on Wednesday.
Gold is usually seen as a safe-haven when stocks are falling or when inflation is rising. With prices of the yellow metal hovering near record highs, people are also putting off their jewellery purchases. Along with a subdued marriage season, the orders with price open and settled on delivery day, too, are getting cancelled. Apart from high, volatile prices, there is no gold rush yet for the safe-haven asset, crimping demand.
India's annual gold consumption is about 800-900 tonnes, of which about 750 tonnes is imported. However, in 3-5 years, domestic refineries would meet the whole demand, reports Rajesh Bayani.
The proposed bullion bank can help settle gold loan accounts in gold terms, and promote existing gold schemes, along with launching schemes including gold-recurring deposits.
Forecasts of a further rise in bullion prices keep Indians away from selling gold.
Experts recommend buying gold as the fundamentals supporting a rally have not changed.
Anamika Pareek answers five most frequently asked questions about investing in silver ETFs
Titan's October-December quarter (Q3) business update claims 22-23 per cent revenue growth in the standalone jewellery sales (excluding bullion sales), implying a 4-year compound annual growth rate (CAGR) of 21.3 per cent. Store additions also looked healthy, with 21 new Tanishq stores opened in Q3, taking the total count to 466 (+43 in 9 months of FY24) including two in the US and one in Singapore. Titan added 90 stores in Q3, pushing its total retail outlets to 2,949 (including CaratLane).
Irrespective of the global movement, gold prices in India are nearing the level of Rs 34,000 per 10 grams in the physical markets.
For easy and wide access, the government plans to market the bond through post offices and various brokers.
Gold, which lost its sheen to some extent in the second half of 2021, is likely to regain the glitter in the New Year and cross the Rs 55,000-per-10-grams level amid pandemic woes, inflation worries and stronger US dollar. After a stellar run up in 2020 when the yellow metal touched a record high of Rs 56,200 on the MCX in August, the prices are near Rs 48,000 per 10 grams now. This is roughly 14 per cent lower from the all-time highs and 4 per cent lesser compared to January 2021 levels.
Gold surged to a fresh all-time high of Rs 28,540 per 10 grams in the bullion market today on sustained buying by stockists and investment-driven purchases fuelled by the bullish trend in international markets.
After a rally in gold that led to the international prices zooming to $1030 an ounce, will gold price reverse direction based on Wednesday's price level of $940?
Subdued volumes notwithstanding, the bullion market displayed a firm trend as both the precious metals, silver and gold, zoomed to new heights on stockists and speculators buying.
Gold prices plunged and closed with a hefty loss of Rs 90 at Rs 6570 per ten gram in the bullion market in New Delhi on Friday on reduced off take by stockists and bullion merchants with surging equity markets becoming more attractive for investment.
These contracts will expire on the last trading day of the month prior to the expiry of international bullion futures contract, be settled on expiry at import parity costing, delivery logic based on intention matching and rupee value contracts for importers and traders.
The Madras high court has directed the Tamil Nadu Crime Branch-CID police to probe the case of 'missing' gold, which left the country's premier investigating agency red-faced.
Silver was also up by 1.63 per cent to $15.92 an ounce.
Gold prices retreated sharply from its overnight new record high at the domestic bullion market on the back of heavy unwinding by stockists and traders, triggered by sharp fall in international markets.
Continuing the record-setting spree, gold prices on Thursday climbed to Rs 18,399 per ten gram for April delivery amid weak US dollar.
The customs duty from gold imports could be approximately Rs 8,000 crore, about less than half of what was collected a year ago.
In dollar terms, however, gold prices jumped by 26 per cent this calendar year, following sharp jump in hedge funds' long position
In the international market, gold dropped 0.3 per cent to $1,141.76 an ounce in Singapore today.
Orders for the festive season abroad begin from next month.
International spot gold, which guides the domestic market, has continued its upwards trend in recent weeks. Bullion remains boosted by its safe haven status amidst the uncertain economic outlook.
For India to monetise gold, it is not the institutional depositor that policymakers must target but the average retail depositor.
Both gold and silver tumbled on the bullion market on Thursday on fresh selling by stockists and weak global trend, recording substantial losses.
Gold gained Rs 50 and touched a new peak of Rs 16,850 per 10 gram.
The decline is mainly due to the record high prices that dampened consumer demand, Bombay Bullion Association director Suresh Hundia said, adding volume of shipment also declined in October as the festival demand is no longer there.
Gold and silver became costlier in the country following the international price rise over the expectations of negative interest rates in the US, the rising trade tensions between the US and China and the weakening of the rupee.
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.
Globally, gold fell nearly 3 per cent
Precious metals plummeted on the bullion markets across the board on weakening international trend, as gold lost between Rs 300 and Rs 220 per ten gram and silver by Rs 1015 and Rs 450 per kilo.
Falling for the sixth straight day, gold prices drifted by another Rs 70 to trade at fresh two-month low of Rs 26,680 per ten grams at the bullion market on Friday, tracking a weak global trend amid slackened demand from jewellers and retailers.
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.
A strengthening rupee following a sharp surge in the inflow of foreign money from investors and "illegal imports" were among some of the reasons for the fall.
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.
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