Gold imports, which have a bearing on the current account deficit, declined 47.42 per cent to $9.28 billion during April-October due to fall in demand in the wake of the COVID-19 pandemic, according to data from the commerce ministry. Imports of the yellow metal stood at $17.64 billion in the corresponding period of 2019-20. The imports, however, recorded a growth of about 36 per cent in October.
Regaining the lost sheen, sales of gold jewellery and coins are set to touch pre-COVID levels in volume terms on the auspicious Dhanteras as easing pandemic concerns and pent up demand saw consumers flocking to stores to buy the precious metal. Increased footfall at stores and brisk sales online as well as relatively softer gold prices compared to record Rs 57,000 per 10 grams level in August spurred increased buying, especially light weight offerings, on Tuesday. Dhanteras is considered to be auspicious for buying precious metals and other valuable items.
Silver has a dual role - 60 per cent of the total silver produced is used for industrial purposes in the electrical & electronics segment and photovoltaic demand mostly for solar panels.
While gold fell by Rs 250 to Rs 30,250 per ten grams, silver lost Rs 475 to Rs 49,025 per kg on reduced offtake by jewellers and industrial units.
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A substantial fluctuation is likely because for a long period gold has moved in a narrow range of $ 50-60 and at higher levels short positions were built.
The decline in gold imports has helped in narrowing the country's trade deficit to $106.84 billion during the eight-month period under review as against $133.74 billion in the year-ago months.
The precious metal has now lost Rs 280 in last three days.
Recent months been worse for investors in gold mining companies.
As govt tries hard to choke the metal import, entry through unofficial channels doubled to 60 tonnes in first 5 months of this financial year
They help diversify portfolio and are less risky.
Jewellery stores remained deserted as buyers deferred their non-essential purchases awaiting softness in gold prices.
The US Federal Reserve's decision to continue bond-buying has lifted investor sentiment for gold and silver.
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On gold buying occasions such as Akshaya Tritiya, Chiraj Mehta points out, investors are often confronted with the question: Should I make just a token purchase, or should I buy more towards building my allocation in the yellow metal?
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The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
Despite price correction, policies that support the yellow metal will remain in place in the foreseeable future.
The metal might see-saw between $1,200 and $1,400. A breakout beyond either of these limits could result in a decisive trend.
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This was because of the closure of retail shops and factories after the nationwide lockdown was imposed to prevent spread of Covid-19, and a sharp increase in the metal's price.
Gold-silver ratio indicates more upsurge possible for the white metal.
Contrary to popular belief, there is more to the Nickel futures market than the precious metals like Gold and Silver
The global high comes amidst the uncertainties of Brexit, a trade war and slowing growth, with traders increasing their silver bets.
Dealers anticipated a sharp rise in jewellery demand this wedding season, but then came demonetisation.
Gold loans are a quick, easy and low-cost way to meet your immediate and emergency financing needs, but do ensure that you entrust your gold in safe hands after thorough due diligence, suggests Gaurav Gupta, founder and CEO, MyLoanCare.in.
The scheme, touted as a panacea to burgeoning CAD, was a huge flop that fostered a spike in smuggling and allowed several Gitanjali-like players to make a killing
In business too, losing finalists really get nowhere, get nothing. It is purely 'winner takes all', observes Sandeep Goyal, managing director, Rediffusion.
To help mobilise idle gold in households.
Investors looking to make a quick buck from the yellow metal should hold on for now.
Globally, gold added 0.4 per cent to $1,163.73 an ounce in Singapore.
Gold prices staged a smart rebound to surpass the psychologically important Rs 28,000 milestone.
India's gold obsession needs a correction.
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Both banks and jewelers sell coins and bars, but it is generally costlier to buy it from a bank
Consumers have to watch out for four marks on hallmarked gold jewellery: BIS mark, purity in carat, assay centre's name and jewellers' identification mark.
Customs officials are busy at ports and airports, scanning passengers to ensure that COVID-19 virus-affected people are traced. So, officials are not able to focus much on baggage checking. This could lead to more gold getting smuggled into the country as luggage check at airports is now random unlike earlier where every bag was checked thoroughly.
