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.
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.
Finance Minister must be hoping that Indians get over gold-addiction.
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.
The label Misho by Suhani Parekh offers some breathtaking designs from the Goldsmith collection.
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.
Meet the celebrity brides who chopse not to wear the traditional red lehenga at their weddings.
Hallmarking will guarantee the purity or fineness of the precious metal.
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.
India imports a staggering 1,000 tonnes of gold every year, draining out foreign exchange and putting pressure on the fiscal deficit.
Irrespective of the global movement, gold prices in India are nearing the level of Rs 34,000 per 10 grams in the physical markets.
Increase in gold imports pushed the country's trade deficit to a five-month high of $ 15.33 billion in April.
Traders said sentiment turned distinctly weak after gold prices slumped in global markets as Swiss voters rejected a plan for their central bank to accumulate bullion and oil extended its decline to five-year low, curbing demand for the precious metal.
India's merchandise exports in April 2024 marginally rose to $34.99 billion from $34.62 billion in the year-ago month, according to government data released on Wednesday. Imports too increased to $54.09 billion from $49.06 billion in April 2023.
The spot gold was sold below the landed cost due to the weak demand for the metal.
Speaking at Dubai Precious Metals Conference 2013, DMCC Executive Chairman Ahmed bin Sulayem said Dubai has risen as a major global gold and precious metals trading destination, with over 20 per cent of the world's physical gold imported and exported through the Emirate.
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.
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.
The import tariff value -- base price at which customs duty is determined to prevent under-invoicing -- is revised on a fortnightly basis.
Both the precious metals, gold and silver, on Monday rebounded in the national capital on emergence of buying at existing lower levels amid a firm trend in the Asian region.
By December 2015, the total imports will touch 1000 tonnes.
The underperforming metal for 2017 expected to return 17-20%
While gold declined by Rs 50 to Rs 28,750 per ten grams, silver dipped by Rs 25 to Rs 42,075 per kg on lack of buying support.
Silver also dropped Rs 560 to Rs 36,440 per kg.
Respect the yellow metal's breakout but treat it with more than ordinary caution, says Sonali Ranade
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Gold slumped by Rs 260 at the domestic bullion market on Thursday due to a fresh wave of profit taking by investors and traders amid reduced stockist demand.
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.
Cases of arsenic poisoning are on the rise in areas near gold mines in Karnataka.
What better way to celebrate the Janmashtami festival than in shades of green, blue, gold and brown?
It was reported that the new amnesty scheme would allow gold hoarders a chance to come clean on investment made using black money by declaring their possession and paying tax on it.
Will continue to play for India in multi disciplinary events
'Is the Agniveer scheme or their post-retirement re-employment in paramilitary forces or in the state governments the BJP's answer to the crying need on the job front?' 'Or, even Finance Minister Sitharaman's one-year internship scheme in the public and private sector, is it a permanent solution, either?', asks N Sathiya Moorthy.
Silver also rebounded by Rs 140 to Rs 37,050 per kg.
Gold prices firmed up after Tuesday's decline, mainly because of fresh buying by local jewellers at the domestic spot market, coupled with a better trend globally.
Given prices of the latter are at an all-time high, it makes sense to opt for cheaper precious metals.
Sushil Kumar made a glorious return to the international arena by clinching a gold medal at the Commonwealth Wrestling Championships in Johannesburg, South Africa on Sunday.
Gold prices surged by Rs 150 to trade at fresh three-month high of Rs 27,575.
British Geological Survey accessed in September 2011 produced a list of countries by production of gold.
