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Attributing the high Current Account Deficit to mainly gold import, Chidambaram said the inward shipments of the precious metal resulted in outgo of $50 billion.
A dedicated physical gold exchange could lead to standard gold pricing in India.
Silver gained Rs 350 to Rs 36,550 per kg on increased offtake.
Researchers from the University of Southampton have discovered that by embossing tiny raised or indented patterns onto the metal's surface, they can change the way it absorbs and reflects light -- ensuring our eyes don't see it as 'golden' in colour at all.
The wedding season will continue till early January and gold is an important gift item at marriages.
Traders said heavy selling by stockists against fall in demand at prevailing higher levels mainly kept pressure on gold prices.
Silver also extended its losing streak for the seventh straight session and declined by Rs 350 to Rs 44,200 per kg.
Traders said stockists selling against sluggish demand at higher levels mainly pulled down both gold and silver prices.
The yellow metal now trades at a 0.5 per cent premium over its landed cost, compared to a 4 per cent discount in mid-September because jewellers have voluntarily withdrawn the display of cash price from their website.
You also avoid capital gains tax during redemption in case the gold price is higher, making them tax efficient.
Also, the import tariff value -- the base price at which customs duty is determined to prevent under-invoicing -- in case of silver has been reduced to $644 per kg from $694 per kg earlier, a notification by the Central Board of Excise and Customs said.
The second day of pre-Diwali Dhanteras witnessed a tepid response from shoppers on Friday as gold and silver sales have likely to be fallen by up to 35 per cent year-on-year due to high prices and COVID-19 induced financial distress, although consumers moved to online buying to make most of the festival, jewellers said. The buying was heavily restricted to light weight jewellery, coins and precious stones due to lower purchasing power and high gold rates, they said. Due to the fear of coronavirus infection, many customers who had booked in advance were taking delivery of wedding orders on Friday, while some were seen buying safely through online brands like Tanishq and Melorra.
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.
The government's ambitious gold deposit scheme can succeed only if depositors are paid a higher interest rate.
Globally, gold in New York, which normally determines price trend on the domestic front, fell 1.18 per cent to $1,198.50 an ounce in Tuesday's trade as strengthening dollar curbed demand for the precious metal.
The government on Friday raised the import tariff value of gold to $461 per ten grams and of silver to $803 per kg as prices of the precious metals touched all-time high this week.
Domestic prices up 30 per cent, global 38 per cent in just two months.
'Expenditure on gold jewellery in Kerala is the highest in the country.' 'But the robust demand has been affected by the floods.'
Apart from archery, the Indians also bagged two medals in shooting.
Jeweller and importers were awaiting the correction to stock the yellow metal for upcoming marriage season.
While gold zoomed up by Rs 410 to Rs 30,810 per ten gram, silver jumped up by Rs 990 to Rs 51,200 per kg on increased offtake by stockists on the back of firm global trend.
Silver, however, remained weak and fell by Rs 130 to Rs 39,600 per kg due to slackened demand from industrial units.
Gold prices rose on the bullion market in New Delhi on Monday on emergence of buying by investors amid purchasing by stockists, as funds got diverted from falling equity markets.
Falguni and Shane Peacock, the celebrated fashion designers, invite you into their home.
Gold and silver extended gains in New Delhi on Monday on sustained buying by stockists, driven by firm global trends.
Gold prices are again moving up after a downward slide. But will this upward movement sustain? More importantly, should you buy more of the yellow metal now? Here's the answer.
Gold is considered as a sign of prosperity in India. This yellow metal is an important part of any occasion among the Indian families.
The Finance Ministry has sought comments from stakeholders.
Gold prices are set for another jump before the Easter holidays
Theft of gold from five packets had been reported to the police on January 16, 20, April 30.
Dealers expect prices to fall further, owing to an impending rate hike in the US
It was trading around Rs 30,638 per 10 grams, the lowest since August 30.
Traders said restricted buying from jewellers and retailers mainly kept precious metals at previous levels.
Gold is said to be the most-favored investment instrument in India.
Investing (or not investing) in gold may be a function of whether you're betting on or against the global economy.
After falling for three straight days, gold prices recovered by Rs 50 to Rs 26,700 per ten grams at the bullion market on Friday.
Gold cracked as much as Rs 730 -- its biggest one-day fall this year -- to Rs 30,520 per 10 grammes, in sync with a weak trend overseas on growing US rate hike buzz amid a fall in demand at the spot market.
Gold pries surged to a record high at Rs 11,840 per 10 gram on Monday owing to brisk buying by major market players, who were enthused by firming global trend, and some investors' shifting focus from melting stock markets to the bullion mart. The market remained in bullish mood with gold remaining on record-setting spree as investors shifted a part of their funds from weakening stock markets to gold as the metal offers a safe haven for investments, traders said.
Silver followed suit and recovered Rs 400 to Rs 34,100 per kg.
Gold rallied to scale two-month peak at the domestic bullion market on Thursday on frantic buying in the backdrop of the government's decision to raise import duty on the metal.
