After rising for two days, gold prices went down by Rs 100 to Rs 26,850 per 10 grams at the bullion market on Tuesday, tracking a weak global trend amid slackened demand from jewellers.
In the national capital, gold of 99.9 and 99.5 per cent purity were up by Rs 150 each to Rs 28,500 and Rs 28,300 per 10 gram respectively.
Tracking a weak trend overseas and low demand from domestic jewellers and retailers, gold prices plunged by Rs 200 to Rs 26,350 per ten gram in New Delhi on Monday.
Traders said continued buying by stockists driven by ongoing marriage season mainly led to rise in gold and silver prices.
Snapping its four-day losing streak, gold rebounded by Rs 100 to Rs 27,070 per ten grams at the bullion market on Wednesday.
Silver ready rose by Rs 100 to Rs 37,000 per kg.
'As long as economic growth remains steady, creating jobs and generating stable incomes, the rise in home loans should not create problems.' 'If the growth trajectory changes course over the medium term and interest rates rise along with inflation, the expanding trend in home loans may not sustain.'
The country's exports edged up 1 per cent to $38.45 billion in December 2023 while the trade deficit narrowed to a three-month low of $19.8 billion, official data released on Monday showed. Imports declined by 4.85 per cent to $58.25 billion in December last year due to a dip in crude oil shipments. The previous low in trade deficit - the difference between imports and exports - was recorded in September at $19.37 billion.
Gold fell by Rs 170 to Rs 31,680 per ten grams in the national capital on Monday on stockists selling on the back of sluggish demand amid weak global trend.
Traders said stockists booking profits at prevailing higher levels following a rise of Rs 350 against sluggish demand mainly kept pressure on gold prices.
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.
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Silver also declined by Rs 75 to Rs 50,610 per kg on lack of buying support after steepest rise in last week.
Silver met with resistance at prevailing levels.
Dhanteras' buying seemed to have been sparked by the belief that prices would remain firm
Despite multiple headwinds at the start of 2023, the Indian markets delivered a strong performance, posting 19-20 per cent growth for the year. Even as new records were set, investor sentiment remains strong going into 2024, given the lower inflation, expectations of steady to lower interest rates, higher economic growth, and strong inflows. However, the overriding concern for most brokerages is valuations.
Gold drifted lower by Rs 200 to trade at one-week low of Rs 31,050 per ten grams.
Silver fell by Rs 500 to Rs 44,800 per kg on poor offtake by industrial units and coin makers.
Globally, gold gained 0.4 per cent to $1,098.62 an ounce and silver gained 0.9 per cent to $14.95 an ounce in Singapore.
Bullion merchants said persistent rise in gold prices is mostly due to a firming trend in global markets as concerns over European economy mounted, spurring demand for safe-haven, and increased buying by jewellers to meet wedding season demand at domestic spot markets.
Globally, gold added 0.4 per cent to $1,228.65 an ounce in Singapore.
Traders said fresh buying by stockists for the ongoing marriage season mainly led to a recovery in gold and silver prices.
Gold continued its rising streak for the third day and rose by Rs 20 to Rs 27,860 per ten grams in New Delhi on Friday on festive season demand from jewellers and retailers amid a firming global trend.
Samra was juggling between her MBBS studies at the GGS Medical College (in Faridkot) and shooting but ultimately decided to change her course.
Gold in London, which normally sets price trend on the domestic front, fell 0.6 per cent to $1,311.65 an ounce.
Silver also dropped by Rs 400 to Rs 35,650 per kg.
Globally, gold prices slipped by 0.26 per cent to $1,246.20 an ounce in early trade in London.
The government on Wednesday increased the import tariff value on gold and silver to $408 per 10 gram and $520 per kg, respectively in line with global prices.
Gold-silver ratio indicates more upsurge possible for the white metal.
After three days of gains, gold prices on Tuesday fell by Rs 70 to Rs 30,500 per ten gram in the national capital on profit-selling by stockists at prevailing higher levels amid a weak global trend.
Gold prices on Thursday fell from record high by plunging Rs 1,575 to Rs 32,325 per ten gram on profit-selling by stockists driven by recovery in rupee amid a weakening global trend.
Gold edged higher by 0.19 per cent to $1,225.80 an ounce
Silver also turned weak and dropped by Rs 350 to Rs 41,200 per kg on reduced offtake by industrial units and coin makers.
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.
A drop in demand from local jewellers and retailers at current levels weighed on the prices
Silver also plunged by Rs 1,300 to Rs 46,000 per kg on poor offtake by jewellery fabricators and industrial units.
Gold regained its sheen on Wednesday by soaring Rs 315 to Rs 27,565 per 10 grams at the bullion market.
With the real estate sector witnessing robust demand, realtors are doling out freebies and offering a slew of attractive schemes to lure potential customers this festival season. "Developers are providing Amazon vouchers that go up to Rs 1 lakh, iPads, and flexible payment plans that propel customer excitement," said Angad Bedi, managing director at real estate company BCD Group. Bedi said customers have a mindset to go for a change during the festival season, and developers see it as an opportunity to combine it with long-term and practical offers that drive buyers to close in on a deal during this period.
Gold prices recovered by Rs 85 to Rs 26,625 per 10 grams at the bullion market.
Subdued demand from jewellers in the domestic market and shifting of funds towards the surging stock markets also weighed on gold prices.
Silver also rose further by Rs 100 to Rs 37,600 per kg.
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