Silver, which is currently trading at Rs 68,453 per kilogram, has appreciated 21.7 per cent over the past three months. Investors, however, shouldn't get carried away by its recent performance and put their money in it. Instead, they should evaluate its pros and cons and then take a considered decision based on their risk appetite.
Gold plunged sharply to hit a three-month low.
A rise in import duty could be a reason for increase in illegal consignments, say experts.
Meanwhile, retail jewellery sales in India have declined by 50 per cent since gold price started its uptrend nearly two weeks. Buyers deferred their fresh purchase amid expectations of a correction in gold prices from the current high level.
Gold prices in India have been escalating very fast of late and in the last week of April, it scaled a new peak by adding Rs 50 to a record price of Rs 22,520 per 10 grams.
Finally, gold prices have started heading south this week. Prices of yellow metal tumbled to an eight-month low of Rs 8,600 per 10 gm
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Besides its metallic properties, there is much more to gold that makes it an obsession to mankind.
Traders said slackened demand from jewellers and appreciating rupee, which made import of precious metal cheaper, weighed on gold prices but a better trend in the global markets restricted the losses.
The options include involving jewellers as collection centres, addressing of issues that banks have been facing and using domestically available gold for giving metal loans to jewellers for domestic sales.
The World Gold Council (WGC) said the recent fall in gold prices was driven by speculative traders in the futures markets.
Gold demand will go up in the second half of this year.
A procession of barges will take nearly 7,000 athletes along the river past Paris's most famous landmarks, while more than 300,000 spectators will watch from the banks.
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India sharpened measures to curb imports of the yellow metal by hiking the import duty and restricting consignment imports, after shipments jumped to more than 300 tonnes in April and May.
Metal sector is not too happy from Budget announcements for the sector
Domestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under its trade pact with the EFTA bloc on these goods over a period of time. India and the four-European nation bloc EFTA signed a trade and economic partnership agreement (TEPA) on Sunday to boost trade and investments between the two regions. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
Despite returns from gold down over 5% in the past three months, it is a good idea to keep this asset class in your portfolio.
India's gold demand recovered during the January-March period to witness a growth of 37 per cent at 140 tonne compared to the same quarter of 2020, due to ease of COVID-related restrictions, pent up demand and softening of prices of the yellow metal, according to the World Gold Council (WGC). The overall gold demand stood at 102 tonne during the first quarter of 2020, as per WGC data. Gold demand in value terms increased by 57 per cent during the first quarter of this calendar year to Rs 58,800 crore compared to Rs 37,580 crore in the corresponding period of 2020.
With 29 gold, 31 silver and 51 bronze in their kitty, the Indian para athletes won four medals more than the record tally of 107 won by the able-bodied athletes in the Hangzhou Asian Games, held from September 23 to October 8.
Traders said a weakening trend in the precious metals overseas after the Federal Reserve pressed on with cuts to stimulus amid signs of a recovery in the US, reducing demand for the safe haven, mainly put pressure on the gold prices in New Delhi.
Silver was also up by 1.63 per cent to $15.92 an ounce.
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Centres like Coimbatore in Tamil Nadu and Thrissur and Kochi in Kerala are facing huge shortage of gold. These centres constitute around 15-20 per cent of India's overall annual demand of the yellow metal.
Jewellers across the country will go on a 'token strike' on August 23 against the "arbitrary implementation" of mandatory hallmarking of gold jewellery, All India Gem and Jewellery Domestic Council (GJC) said on Friday. The strike will be supported by 350 associations and federations from all four zones of the entire gems and jewellery industry, the GJC claimed. Mandatory gold hallmarking has come into force from June 16 in a phased manner. The government has identified 256 districts from 28 states and union territories for the phase-1 implementation.
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Finance Minister must be hoping that Indians get over gold-addiction.
The government on Friday slashed the import tariff value on gold and silver to $405 per ten gram and $642 per kg, respectively, in line with global trends.
Increase in gold imports pushed the country's trade deficit to a five-month high of $ 15.33 billion in April.
Irrespective of the global movement, gold prices in India are nearing the level of Rs 34,000 per 10 grams in the physical markets.
Returns from the yellow metal may be subdued, as focus returns to equities.
Silver dropped by Rs 175 to Rs 34,550 per kg.
About 5,000-6,000 people are dealing in gold dust in West Bengal for months along the Ganges in and around Shibpur area of Howrah district without any licence whatsoever.
In domestic market, gold prices had peaked to Rs 39,011 per 10 grams in September and are now ruling at Rs 38,800 per 10 gram.
Hallmarking will guarantee the purity or fineness of the precious metal.
India imports a staggering 1,000 tonnes of gold every year, draining out foreign exchange and putting pressure on the fiscal deficit.
China produced the most gold in world in 2012, making it the largest producer for the sixth straight year even as it remained the second largest consumer of the yellow metal after India.
