The demand is rising as price fall.
Such an economic environment tends to be positive for gold, the ultimate safe-haven asset. Since gold cannot be debased by central banks, it naturally gains in value.
Gold prices may trade higher in the coming days because of weaker dollar and speculations of US Fed rate cut.
Despite the recent imposition of import rule and high duties, the yellow metal continues to attract buyers.
Gold prices zoomed to set a new peak at Rs 9,950 per ten gram on the bullion market on Wednesday on hectic buying by stockists and jewellers, triggered by surging prices in the overseas markets.
Gold prices sky rocketed to set a new high of Rs 7635 per 10 gram on the bullion market on Friday on brisk buying by retail customers and stockists influenced by higher international trends.
Gold prices on Thursday crossed the crucial Rs 17,000 per 10 gram level in the bullion market here, buttressed by frantic buying by jewellers for the ongoing marriage season amid a firming global trend.
Snapping its six-day, record-making journey, gold's dream to climb the 18-K level was shattered as the yellow metal tumbled on the bullion market in Mumbai on Friday on frantic selling by stockists triggered by a sharp fall in international markets.
During April, the imports stood at 34.2 tonnes, as per data given by the Bombay Bullion Association.
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.
Dhanteras' buying seemed to have been sparked by the belief that prices would remain firm
India's gold import bill, estimated at $3 billion in May, is seen falling further this month
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.
Echoing international trends, both silver and gold came under selling pressure in Indian markets with the white metal dropping sharply by more than five per cent or Rs 2,000 to end the day at Rs 18,500 per kg.
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.
Gold prices touched a new peak of Rs 6,830 per ten gram on the bullion market today on brisk buying by stockists to meet the ongoing festival and marriage demand, discounting reports of a weak international trend.
Precious metals closed at new historic highs at the Bullion market in Mumbai on Monday as silver zoomed by a whopping Rs 570 to end at Rs 19,890 and gold firmed up by Rs 30 to close at Rs 8,855.
This has steered a rally in global equities and dollar Index also ticked higher, trading near its four year high.
Bullion in the Asian region gained as much as 0.5 per cent to $1,222.47 an ounce, its highest level since May 19, as the euro extended its 2.4 per cent decline against the dollar last week.
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.
Global gold demand hit an 11-year low in 2020 at 3,759.6 tonnes, mainly due to a weak October-December quarter and the COVID-19 related disruptions across the world driving a muted consumer sentiment throughout the year, the World Gold Council (WGC) said in a report. The overall consumer demand during 2019 was at 4,386.4 tonnes, while in 2009 the overall demand was at 3,385.8 tonnes, according the WGC's 2020 Gold Demand Trends report. Global gold demand dropped by 28 per cent year-on-year (YoY) to 783.4 tonnes in the fourth quarter compared to 1,082.9 tonnes during the October-December period of 2019, the report stated.
Theft of gold from five packets had been reported to the police on January 16, 20, April 30.
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 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.
The government has retained 10% duty on import of the yellow metal.
Jewellers see flat gold sales this Dhanteras
A woman Jet Airways employee was allegedly trying to smuggle out foreign currency worth over Rs 3 crore.
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.
The government should partner with commodity exchanges such as MCX.
BSE proposes two models for making gold trading and investment transparent
Imports are down also because local traders are clearing unaccounted stock after introduction of 1 per cent excise duty
Earning returns from an asset lying idle can be a good option in times of volatility.
'Gold could return 10% to 12% in the next two-three years.'
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.
Gold is seen as a preferred asset for all types of investors, even central banks.
India Ratings has in its latest report has maintained a bearish outlook for gold prices for the current financial year.
Gold was Rs 28,100 per 10 gm on July 26, 2014.
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.
Total export of gold, silver and coins in the month of June 2014 stood at 3.9 billion Swiss franc
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